France recorded a 0.5% growth in the second quarter, similar to the previous two quarters, according to figures published by Insee on Friday, July 28. These figures confirm the latest estimates by the Bank of France, which were released in mid-June.
The skies remain clear for Emmanuel Macron. It is true that his predecessor François Hollande might say, like Galileo, “eppur si muove” (and yet it moves) regarding growth that was always sought after but never materialized.
And what if it was ultimately his successor who benefited from an economic policy that was initiated and needed time to produce the expected results?
According to Insee’s initial estimates, the acceleration of consumption and the rebound in exports have largely supported activity.
With a carryover growth of 1.4%, these figures support the government’s forecasts. Or perhaps, even better.
External trade contributed 0.8 point to growth, which is twice as much as domestic demand (0.4 point).
Foreign trade significantly favored this growth in the second quarter thanks to a sharp rebound in exports (+3.1%) and a slowdown in imports (+0.2%).
