Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Home Headlines French GDP growth slows, inflation eases
2023 10 31T080415Z 1 LYNXMPEJ9U082 RTROPTP 4 BUSINESS FRANCE

French GDP growth slows, inflation eases

by Jessica Weisman-Pitts
0 comments

French GDP growth slows, inflation eases

By Marine Strauss and Tassilo Hummel

PARIS (Reuters) -The French economy grew by 0.1% in the third quarter, with growth slowing from the previous quarter but staying just above zero thanks to household spending, preliminary data from the INSEE statistics agency showed on Tuesday.

Household consumption was up by 0.7%, while INSEE data also showed that inflationary pressures in the euro zone’s second-biggest economy continued to ease.

“The upturn in household growth is good news. It drove growth in the third quarter,” Finance Minister Bruno Le Maire told reporters, confirming a 1% full-year growth target for 2023.

Le Maire also said recent trends of easing inflation would allow France to meet its 2024 growth target of 1.4%.

ECB policymaker and French central governor Francois Villeroy de Galhau added inflation clearly had passed its peak in France, adding the state of the economy justified ECB’s last week decision to halt the rate hike sequence.

“Our monetary policy must now be guided by confidence and patience: confidence that we are making firm progress towards bringing inflation down to 2% by 2025; patience in stabilising interest rates at their current level for as long as is still necessary”, he said.

France’s third quarter growth was in line with forecasts. A Reuters poll of 26 economists had an average forecast of 0.1%, with estimates ranging from 0.5% to -0.3%.

The economy grew a revised 0.6% in the second quarter, INSEE said.

French inflation slowed in October as prices in the energy and food sector continued to ease, preliminary EU-harmonised data also showed.

Consumer prices rose 4.5% in October from a year earlier, after a 5.7% rise in September, INSEE said.

The inflation figure was in line with a consensus of 15 economists polled by Reuters.

(Reporting by Marine Strauss and Tassilo Hummel; Editing by Ingrid Melander and Benoit Van Overstraeten)

Recent Post
Illustration of a woman with long black hair and wearing white round earrings. She is smiling and dressed in a red top, set against a light pink background.

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.