French GDP growth slows, inflation eases
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[October 31, 2023]
By Marine Strauss and Tassilo Hummel
PARIS (Reuters) - The French economy grew by 0.1% in the third quarter,
with growth slowing from the previous quarter but staying just above
zero thanks to household spending, preliminary data from the INSEE
statistics agency showed on Tuesday.
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A view shows skyscraper office properties at the La Defense business
district in Paris, France, September 30, 2022. REUTERS/Benoit Tessier/File
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Household consumption was up by 0.7%, while INSEE data also
showed that inflationary pressures in the euro zone's
second-biggest economy continued to ease.
"The upturn in household growth is good news. It drove growth in
the third quarter," Finance Minister Bruno Le Maire told
reporters, confirming a 1% full-year growth target for 2023.
Le Maire also said recent trends of easing inflation would allow
France to meet its 2024 growth target of 1.4%.
Third quarter growth was in line with forecasts. A Reuters poll
of 26 economists had an average forecast of 0.1%, with estimates
ranging from 0.5% to -0.3%.
The economy grew a revised 0.6% in the second quarter, INSEE
said.
French inflation slowed in October as prices in the energy and
food sector continued to ease, preliminary EU-harmonized data
also showed.
Consumer prices rose 4.5% in October from a year earlier, after
a 5.7% rise in September, INSEE said.
The inflation figure was in line with a consensus of 15
economists polled by Reuters.
(Reporting by Marine Strauss and Tassilo Hummel; Editing by
Ingrid Melander)
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