French Economy Shrinks Unexpectedly In Q4
30 Enero 2020 - 7:51PM
RTTF2
The French economy contracted unexpectedly in the fourth quarter
on weak spending and investment, first estimate from the
statistical office Insee showed Friday.
Gross domestic product fell 0.1 percent on quarter, reversing a
0.3 percent rise in the third quarter. This was the first decline
since the second quarter of 2016. Economists had forecast a
marginal growth of 0.2 percent.
The expenditure-side breakdown of GDP showed that household
consumption growth halved to 0.2 percent from 0.4 percent. At the
same time, the increase in gross fixed capital formation
decelerated notably to 0.3 percent from 1.3 percent.
Overall, final domestic demand excluding inventory changes
slowed down compared with the previous quarter. It contributed +0.3
points to GDP growth, after +0.7 points a quarter ago.
Imports fell 0.2 percent, in contrast to an increase of 0.6
percent in the third quarter. Exports were down 0.2 percent after
easing 0.3 percent. Consequently, the contribution of foreign trade
balance to GDP growth was zero, after a negative contribution.
Changes in inventories contributed negatively to GDP growth
by-0.4 points versus -0.1 points in the preceding period.
In the whole year of 2019, economic growth slowed to 1.2 percent
from 1.7 percent in 2018.
Early this month, the International Monetary Fund retained its
growth outlook for France, at 1.3 percent for both 2020 and
2021.
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