France’s Q2 growth nearly stops on frail consumer spending
France’s consumer spending indicated zero growth in the second quarter due to floods, strikes and violent street protests about a contested labor law. Business investment also declined 0.2% when compared to the first quarter as many companies wanted to utilize a tax write-off on some investments prior to its expiration. On the other hand, foreign trade made a 0.3% contribution to growth since imports declined more than exports, according to Insee.
French Finance Minister Michel Sapin stated that despite the disappointing numbers of the second quarter, the French government still adheres to its 2016 growth forecast of 1.5%.
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