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French growth figures outpace UK, boost to Macron

French growth figures outpace UK, boost to Macron

By Staff Writer - October 31, 2017

French President Emmanuel Macron Photo: Official Leweb
French President Emmanuel Macron Photo: Official Leweb

The French economy has done particularly well over the third quarter of 2017, according to figures from INSEE, the national statistics office.

Gross domestic product grew by 0.5 percent in the three months to September, following growth of 0.6 percent in the second quarter and 0.5 percent in the first quarter of this year.

The French economy, the second-largest in the eurozone after Germany, has grown for the fifth quarter in a row. In annual terms, France’s economy has grown by 2.2 percent, the best rate since 2011.

Reuters reported on Tuesday, October 31: “Following the economy’s performance over the first nine months, President Emmanuel Macron’s government should have little trouble surpassing the 1.7 percent growth forecast it built its budget plans on.”

The French success stands in marked contrast to the UK’s performance, which has seen an annualised growth rate of 1.5 percent over the last 12 months, although the British economy grew by 0.4 percent in the third quarter.

INSEE said that the French economy had been driven by an increase in household consumption and rising investment.

READ ALSO Stats office reports mixed results for economy


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