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France GDP grew 18.7% in Q3, consumer spending rose 3.7% mom in Oct

According to the second estimate, France GDP grew 18.7% in Q3, after the -13.8% decline back in Q2. Despite the strong bounce, GDP remained well below the level it had before the pandemic. In volume terms, GDP was down -3.9% yoy.

In October, consumer spending rose 3.7% mom, much better than expectation of -1.0% mom decline. It’s 2.7% yoy higher than the level a year ago. This increase was driven by a sharp rise in food consumption (+7.1%) and energy expenditure (+6.4%). Manufactured good purchases were almost stable (-0.1%). In November CPI rose 0.2% yoy, up from 0.0% yoy in October.

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