French Output Grew Less Than Estimated
France’s economy, the 17-member euro region’s second largest after Germany, expanded less than previously estimated in the first quarter as rising energy prices squeezed household spending.
Gross domestic product rose 0.9 percent from the fourth quarter instead of a previously estimated 1 percent, Paris-based Insee said today in an e-mailed statement. That’s the fastest pace since the second quarter of 2006. In the year, the economy grew 2.2 percent.
French economic growth accelerated from 0.3 percent in the fourth quarter as companies boosted output to meet increasing export demand. With a 30 percent increase in crude oil prices in the year through March reducing disposable incomes, consumer spending rose 1 percent in the first quarter instead a previously estimated 1.3 percent, Insee said.
To contact the reporter on this story: Mark Deen in Paris at markdeen@bloomberg.net
To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net
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