According to data released by INSEE, French GDP grew by 0.2% in Q2 2019, does from 0.3% in Q1 2019, coming in lower than economists’ expectations which were for a 0.3% rate of growth. A drawdown in inventories and easing in consumer spending were the main factors behind this slight slowdown in GDP growth.
France is the Eurozone’s second largest economy after Germany and as a result, can have a significant impact on the overall Eurozone economy. Household spending grew at a lower rate of 0.2% in the second quarter of this year. In the first three months of the year, household spending had grown by 0.4% in France.
On a positive note, business investment climbed higher from 0.7% in Q1 2019 to 1.2% in Q2 2019, helping support the overall economic growth for the quarter. In addition, exports also rose 0.2% higher.
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