Affected by the Omicron wave at the beginning of the year and the war in Ukraine from the end of February, French growth remained completely stagnant in the first quarter: the gross domestic product (GDP) showed a change of 0% over the period, following a final quarter in 2021 at +0.8%, according to figures published on Friday, April 29, by Insee.
The downturn in the French economy is more pronounced than expected: the statistical institute had anticipated weak growth, around 0.3%.
At the same time, inflation continued its rise: consumer prices increased by 4.8% over one year in April, after 4.5% at the end of March.
The harmonized price index, which allows for comparison with other eurozone countries, rose by 5.4% over one year, while it was up 5.1% in March. On Thursday, April 28, inflation reached 7.4% in Germany, a record level since reunification in 1990.
