In France, GDP fell slightly (− 0.1%) in the third quarter, according to INSEE

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2023-11-30 10:21:10

French economic activity contracted by 0.1% in the third quarter compared to the previous three months, indicated Thursday, November 29 the National Institute of Statistics and Economic Studies (Insee), lowering its first estimate of a modest increase in gross domestic product (+0.1%).

From July to September, investments as well as household consumption were less sustained than previously estimated, detailed the National Institute of Statistics. This means that France will enter recession if GDP also falls in the fourth quarter.

French household consumption expenditure fell by 0.9% in October over one month, after stability in September, INSEE announced on Thursday. Food consumption, in particular, fell by 1.5% after +1.2% in September, and energy consumption decreased again (−2.5% after −1.3%).

The organization also revealed inflation figures, which slowed sharply in France in November, to + 3.4% over one year after + 4.0% in October, according to provisional data. “This drop in inflation would be due to the slowdown over one year in the prices of services, energy and, to a lesser extent, manufactured products and food”, explained the institute. Over one month, consumer prices should fall ” slightly “ by 0.2% in November 2023, after increasing by 0.1% in October.

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