French growth increases 0.5 percent in second quarter

French growth increases 0.5 percent in second quarter

Friday's estimates are the first since Emmanuel Macron was elected president

By Hajer M'tiri

PARIS (AA) - French GDP growth has risen by 0.5 percent for the third quarter in a row, according to forecasts released by the National Institute of Statistics and Economic Studies (INSEE) on Friday.

Friday's estimates are the first since Emmanuel Macron was elected president.

Despite a 0.6 points drop in business investment, the eurozone's second-largest economy continued to grow, driven by a 3.1 percent strong rebound in exports after a contraction in the first three months of the year.

Consumer spending also picked up, rising 0.3 percent quarter-on-quarter after 0.1 percent in the first quarter.

With unemployment rates dropping by 0.3 percent in June, this is more good news for Macron who promised to begin a first phase of labor reforms and public-spending cuts by Sept. 21 this year.


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