MNI: FRANCE DATA: Final GDP (Q1 2019) Review.........>

MNI: FRANCE DATA: Final GDP (Q1 2019) Review

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- Final (Q1): 0.3% q/q, 1.2% y/y; Flash (Q1): 0.3% q/q, 1.1% y/y; Prev (Q4):

0.3% q/q, 1.0% y/y

- French economy grew by 0.3% q/q in Q1 for a third consecutive quarter

- HH spending slightly stronger in Q1 (+0.4% q/q after +0.3% q/q in Q4)

- Govt spending growth moderated in Q1, but was revised up by 0.1pp from flash

to 0.2% q/q (down from 0.4% in Q4)

- Business investment growth slowed to 0.7% q/q from 0.8% in Q4

- While inventory change added 0.3pp to q/q growth, net trade subtracted 0.3pp

- Consumer and business confidence picked up in April & May, suggesting that Q2

is likely to see similar growth trends

- A notable acceleration in GDP growth in the second half of the year looks

unlikely amid a number of external constraints...

- ... including ongoing US-China trade tensions, Brexit uncertainty and the

threat of the US imposing higher tariffs on auto imports