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France

France sees unexpected economic growth

© AFP

Text by FRANCE 24

Latest update : 2014-02-14

The French economy saw a 0.3% growth in the fourth quarter, the French statistics agency INSEE reported Friday, citing increased household consumption and investment.

INSEE also revised its figures for the third quarter from a contraction of 0.1 percent to gross domestic product of 0 percent, for what is the world’s fifth largest economy.

The overall French economic growth for 2013 now stands at 0.3%.

“This means the French economy is out of recession,” said French Finance Minister Pierre Moscovici.

Increase in spending and investment

Total production was up anew, returning to its Q2 level. While output of coke and refined petroleum industry declined, production in other manufacturing branches as well as production in tradable services accelerated. Overall production in manufactured goods remained stable.

At the same time, investment increased after seven consecutive quarters of decline.This news follows French President Hollande’s recent trip to California’s Silicon Valley to tout what he says is France’s commitment to innovation and investment.

Growth, while far from stellar, surpassed the government’s original predictions of a 0.1% increase. Thirty-two economists initially consulted by Reuters had predicted an average of 0.2% growth for France, their answers ranging from -0.2% to +0.4%.

Growth in Europe

According to William Hilderbrandt, FRANCE 24’s business correspondent, Germany also released 2013 figures on Friday. Europe’s economic stronghold saw a fourth quarter growth of 0.4% and an overall 2013 growth of 1.3%.

(FRANCE 24 with REUTERS)
 

Date created : 2014-02-14

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