Friday, August 12

French Q3 preliminary GDP rose 3%, beating forecasts

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PARIS — France’s preliminary third quarter gross domestic product (GDP) rose 3% to beat market forecasts, according to the national statistics office, as a pick-up in consumer spending and exports boosted the euro zone’s second-biggest economy.

The third-quarter growth of 3% was above the 2.1% forecast in a Reuters poll of 24 analysts.

The INSEE national statistics agency added that the third-quarter growth meant France’s economy was close to getting back to the level where it was before the COVID-19 pandemic hit.

INSEE has forecast that the French economy would grow 6.25% for 2021. (Reporting by Sudip Kar-Gupta; Editing by Sam Holmes)