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France Flash GDP Firmer Than Expected

FRANCE DATA
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France Q2 Flash GDP came in firmer than expected on both a quarterly and yearly basis at 0.3% Q/Q (vs 0.2% consensus, 0.3% revised prior from 0.2%), and 1.1% Y/Y (vs 0.7% consensus, 1.5% revised prior from 1.3%).

  • Foreign trade growth is estimated to have contributed 0.2% (vs 0.3% in Q1) to Q2 quarterly GDP with imports at 0% Q/Q (vs -0.3% prior), and exports growing 0.6% Q/Q (vs 0.7% in Q1), whilst final domestic demand (excluding stocks) contributed 0.1% to Q2 GDP.
  • Imports were driven down by imports of manufactured products printing -0.4% Q/Q (vs 0.6% prior), according to the press release particularly in the transport equipment segment.
  • Last week, France Manufacturing Sentiment according to Insee dropped to the lowest since December 2020 driven by a deterioration in the business climate in the transport equipment sector. If this trend persists, it may potentially see imports falling in the second half of 2024.

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France Q2 Flash GDP came in firmer than expected on both a quarterly and yearly basis at 0.3% Q/Q (vs 0.2% consensus, 0.3% revised prior from 0.2%), and 1.1% Y/Y (vs 0.7% consensus, 1.5% revised prior from 1.3%).

  • Foreign trade growth is estimated to have contributed 0.2% (vs 0.3% in Q1) to Q2 quarterly GDP with imports at 0% Q/Q (vs -0.3% prior), and exports growing 0.6% Q/Q (vs 0.7% in Q1), whilst final domestic demand (excluding stocks) contributed 0.1% to Q2 GDP.
  • Imports were driven down by imports of manufactured products printing -0.4% Q/Q (vs 0.6% prior), according to the press release particularly in the transport equipment segment.
  • Last week, France Manufacturing Sentiment according to Insee dropped to the lowest since December 2020 driven by a deterioration in the business climate in the transport equipment sector. If this trend persists, it may potentially see imports falling in the second half of 2024.