Preliminary data from the INSEE statistics agency showed that the French economy grew slightly in the first quarter, which was a bit above analysts’ expectations. The euro zone’s second-biggest economy saw a 0.2% increase in the first three months of the current year, following a 0.1% growth in the fourth quarter of 2023, according to INSEE’s quarterly GDP report.
Household spending growth for the quarter accelerated to 0.4%, compared to 0.2% in the previous quarter. This suggests a boost in consumer confidence and economic activity, as predicted by earlier predictions by economic experts. A Reuters poll of 29 economists had forecasted an average growth of 0.1% in gross domestic product (GDP) for the first quarter, with estimates ranging from 0.0% to +0.2%. The reported growth for the quarter aligned with the Bank of France’s expectation announced in early April and sets a promising tone for future economic performance in France.
