France GDP grew 0.3% qoq in Q1, unchanged from Q3 and matched expectations. Looking at the details:
- Household consumption expenditures bounced back (0.4% after 0.0%). Total gross fixed capital formation decelerated slightly (0.3% after 0.4%). Overall, final domestic demand excluding inventory changes accelerated slightly. It contributed 0.3 points to GDP growth, after 0.2 points in the previous quarter.
- Imports slowed down in Q1 (0.9% after 1,2%) and exports halted (0.1% after 2.2%). All in all, foreign trade balance contributed negatively to GDP growth: -0.3 points, after 0.3 points in the previous quarter.
- Conversely, changes in inventories contributed positively to GDP growth (0.3 points after -0.1 points).
