France GDP rose 0.4% qoq in Q1, much better than expectation of 0.4% qoq. Though, GDP is still -4.4% below the pre-pandemic level in Q4 2019.
Looking at some details, final internal demand (excluding inventory changes) made a positive contribution to GDP growth (+0.9 points after −3.0 points in the previous quarter). Gross fixed capital formation (GFCF) intensified its dynamic (+2.2% after +1.3%) and households’ consumption expenditure picked up slightly (+0.3%), after a strong decline in the previous quarter (−5.7%).
Exports declined (–1.5%) more than imports (–0.1%). Overall, foreign trade made a negative contribution to GDP growth this quarter: –0.4 points, after +1.2 points in the previous quarter. Contribution of inventory changes to the growth of the GDP was null this quarter (+0.0 points after +0.4 points in Q4 2020).
