French third-quarter GDP rises 0.5 percent

By Hajer M'tiri

PARIS

French GDP growth increased 0.5 percent in the third quarter, in line with initial estimates -- a rate had not been observed since 2011 -- according to a second forecast released by the National Institute of Statistics and Economic Studies (INSEE) on Wednesday.

"In comparison with Q3 2016, GDP rose by 2.2 percent; such a growth rate has not been observed since 2011," read an INSEE statement.

Despite a fall in October consumer spending of 1.9 percent from the previous three months, changes in inventories contributed positively to GDP growth by +0.5 points and imports grew sharply by 2.8 percent after a 0.3 percent rise.

This is good news for President Emmanuel Macron’s government which estimates the eurozone’s second-largest economy to grow 1.7 percent in 2017.