MNI: FRANCE DATA: Flash GDP (Q3 2019)................>

MNI: FRANCE DATA: Flash GDP (Q3 2019)

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- The French economy grew by 0.3% q/q in Q3, in line with the BoF's forecast but

in contrast to markets pencilling in a 0.1pp downtick (BBG: 0.2% q/q).

- This left the annual rate at 1.3% y/y, down slightly from 1.4% in Q2

- The expenditure breakdown reveals that quarterly growth was broad-based, with

the only negative contribution coming from net trade (-0.4pp)

- Household consumption grew for a fifth successive quarter, accelerating to

0.3% after Q2's downtick to 0.2%.

- Similarly, government expenditure also expanded for the fifths quarter in a

row, maintaining Q2's pace of 0.4%.

- Gross fixed capital formation (business investment) growth accelerated to 1.2%

from 1.1% in Q2

- Exports grew by 0.3% following a 0.1% decline, while imports rose sharply in

Q3 (to 1.4% from -0.3%), resulting in a negative contribution from net trade.