French economy grows at a faster than estimated pace

According to media reports, data from France’s statistics bureau Insee showed that France’s economy grew at a faster than initially estimated pace in the first quarter with the aid of steep increases in consumer spending and investment. The eurozone’s second largest economy expanded 0.6% in the first quarter, slightly better than initial estimates of 0.5%.

This indicates the third consecutive quarter of expansion in France’s economy. The number of job seekers dropped for a second consecutive month in April thanks to the stronger economy, according to statistics.

The expansion in France’s gross domestic product (GDP) for the first quarter was led by a 1% increase in consumer spending and a 2.4% rise in business investment. Meanwhile, total investment, including households and the state, rose 1.2%.