France's GDP up 0.2% QoQ in Q1 2024; exports up 1.2% QoQ: INSEE

04 Jun '24

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France's GDP up 0.2% QoQ in Q1 2024; exports up 1.2% QoQ: INSEE

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France's GDP in volume terms rose moderately by 0.2 per cent quarter on quarter (QoQ) in Q1 2024 after a 0.3-per cent QoQ rise in Q4 2023, government data show.
Household consumption slowed down, from a 0.2-per cent rise in Q3 2023 to a 0.1-per cent rise in Q1 2024.
Exports rose slightly in Q1 2024 by 1.2 per cent QoQ after a 1-per cent QoQ hike in Q4 2023.

France’s gross domestic product (GDP) in volume terms increased moderately by 0.2 per cent quarter on quarter (QoQ) in the first quarter (Q1) this year after a 0.3-per cent QoQ rise in the last quarter (Q4) of 2023, according to the National Institute of Statistics and Economic Studies (INSEE).

Household consumption slowed down, from a 0.2-per cent rise in Q3 2023 to a 0.1-per cent increase in Q1 2024.

Government spending kept increasing, from a 0.4-per cent rise QoQ in Q4 2023 to a rise of 0.6 per cent QoQ in Q1 2024.

Overall, final domestic demand excluding inventories contributed positively to GDP growth this quarter.

Exports rose slightly in Q1 2024 by 1.2 per cent QoQ after a 1-per cent QoQ hike in Q4 2023, boosted by a rebound in exports of agricultural products, transport equipment and other manufactured goods.

Imports in France rebounded this quarter as well, from a drop of 1.7 per cent in Q4 2023 to 0.4-per cent increase in Q1 2024.

Overall, the contribution of foreign trade to GDP growth was positive in the first quarter of 2024, an INSEE release said.

The contribution of inventory changes to GDP growth was, however, again negative in Q1 2024.

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