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

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

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- France Q1 GDP registered in line with market expectations, rising by 0.3% q/q

for a third successive quarter

- Y/Y growth accelerated by 0.1pp to reach 1.1%

- The breakdown provided by Insee shows that quarterly growth was broad-based...

- Household spending rose by 0.4% q/q, after stagnating in Q4

- President Macron's recently announced income tax measures are likely to see

consumer spending continue to bolster the French economy this year

- Government expenditure continued to grow in Q1, but at a milder pace of 0.1%

q/q (after +0.4% in Q4)

- Gross fixed capital formation (business investment) picked up pace, growing by

0.5% in Q1 (up 0.1pp on Q4)

- After a strong 2.2% quarterly gain in Q4, export growth slowed to 0.1%...

- ... while import growth also slowed (to 0.9% from 1.2%), but outpaced that of

exports to result in a 0.3pp drag from net trade