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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FRANCE DATA
MNI (London)
FRANCE Q4 FLASH GDP +0.1 Q/Q (FCST 0.0%); Q3 +0.2% Q/Q
FRANCE Q4 FLASH GDP +0.5% Y/Y (=FCST); Q3 +1.0% Y/Y
FRANCE DEC CONSUMER SPENDING -1.3% M/M; -5.6% Y/Y
- French GDP flash data showed the economy slowed to +0.1% q/q and +0.5% y/y in Q4, implying a 0.1pp upside surprise on the q/q print.
- Final domestic demand was a considerable downwards driver in Q4, contributing -0.2 points after +0.9 points in Q3.
- Gross fixed capital formation slowed, whilst net exports contributed positively (adding +0.5 points) after a previously negative contribution due to a sharp decline in (mainly energy) imports. Inventories contributed -0.2 points after +0.3 points in Q3.
- The substantial shift in final demand highlights that the French economy is slowing substantially. Manufacturing production declined, worsened by refinery strikes and services softened. All up total production was weaker at +0.2% vs +0.4% in Q3.
- Food and energy consumption drove the decline in Q4 household consumption. December consumer spending fell below expectations, declining -1.3% m/m and -5.6% y/y as demand weakened into the holiday season.
- The 1st estimate of the eurozone aggregate print, due at 1000 GMT, is forecasted to dip into a contraction at -0.1% q/q. This data will provide a marginal boost, yet the downside surprise in German GDP in yesterday's data will cancel this out.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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