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France’s Q3 economic growth confirmed at 0.3%

by ChemOrbis Editorial Team -
  • 23/12/2015 (14:39)
According to data from France’s statistics bureau Insee, the country’s economy grew 0.3% on a quarterly basis in line with initial estimates.

Insee also reported that France’s consumer spending posted the largest decline seen since January 2014 in November as energy and clothing purchases declined due to better than average weather conditions.

Consumer spending declined 1.1% in November from the previous month, although economists had expected an increase of 0.1%. The country’s energy consumption declined 5.6% while clothing sales fell 4.7% in November. However, according to Insee, low energy prices helped corporate profit margins surge 31.2% to reach the highest level seen since early 2011.

The statistics agency also reported that the French economy is expected to grow 0.2% in the fourth quarter.
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