France Q2 GDP Growth 0.5%... Strong Export Performance

French President Emmanuel Macron. [Image source=Yonhap News]

France's economy performed well in the second quarter.

On the 28th (local time), the French National Institute of Statistics and Economic Studies (Insee) announced that the gross domestic product (GDP) growth rate for the second quarter was recorded at 0.5%.

This exceeded the 0.1% GDP growth rate forecasted by the institute three months ago for the second quarter and also surpassed market experts' expectations.

Although household consumption decreased by 0.4%, exports increased by 2.6%, contributing to economic growth. Manufacturing grew by 1.1%, and energy production increased by 4.1%, which also had a positive impact.

France's quarterly GDP growth rates showed a downward trend last year with 0.5% in Q2, 0.2% in Q3, and 0.1% in Q4, but rebounded this year. The GDP growth rate for Q1 was revised down from 0.2% to 0.1%.