France: 3% growth in the third quarter



The growth of the French gross domestic product (GDP) amounted to 3% in the third quarter of 2021 compared to the previous quarter, a very high level and exceeding forecasts, which allows the national wealth to approach its level of before. crisis (- 0.1%), estimated Friday, October 29 Insee. “It is a figure which is beyond our expectations”, declared the Minister of the Economy, Bruno Le Maire, calling him ” exceptional result “.

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The 3% growth figure is higher than all estimates made by analysts and institutions, with the National Statistics Institute itself forecasting 2.7% in its September forecast.

Consumer spending picks up

With the reopening of sectors related to leisure and tourism, household consumption spending has accelerated significantly, gaining 5% over one quarter, said INSEE. France also benefited from a 2.3% increase in its exports while imports were almost stable (- 0.1%), so that the contribution of foreign trade to growth is positive by 0.6 point. of GDP in the third quarter.

The total production of goods and market services is largely driven by services, the hotel and restaurant business, largely at a standstill during the health crisis, jumping 43.4% over the quarter. In contrast, the production of manufactured goods remains 6% below its pre-crisis level. The growth estimate for the second quarter is revised up to 1.3%, reported Insee.

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