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FLASH Q2 GDP +0.9% Q/Q SA, +18.7% Y/Y WDA
Q2 HH CONSUMPTION EXPENDITURE +0.9% Q/Q
Q2 GOVT CONSUMPTION EXPENDITURE +0.6% Q/Q
Q2 EXPORTS +1.5% Q/Q; IMPORTS +1.9% Q/Q
- The French economy expanded by 0.9% in Q2 after stagnating in the first quarter of 2021.
- Q2 growth came in stronger than market expectations (median 0.8%).
- Annual GDP rose by 18.7% in Q2 following Q1's uptick by +1.7% and reflecting the sharp decline seen in Q2 2020 at the start of the pandemic.
- Despite the Q2 uptick, GDP remains 3.3% below the level seen in Q4 2019, the last quarter before the pandemic impacted GDP.
- Q2's gain was driven by an increase of government and household spending, up 0.6% and 0.9%, respectively, amid an easing of restrictions and falling infection rates in Q2.
- Meanwhile, exports increased by 1.5% and imports rose by 1.9% in Q2, as a result foreign trade contributed negatively to GDP growth, shaving off 0.1pp.