SMM News: France's National Bureau of Statistics (INSEE) released preliminary data on Tuesday showed that gross domestic product (GDP) grew by only 0.2% in the second quarter compared with the same period last year, below market expectations and slowing from 0.3% in the first quarter.
Household spending also rose by just 0.2 per cent in the second quarter, down from 0.4 per cent in the first quarter, although the government introduced a package of more than 10 billion euros to boost purchasing power, according to the data.
However, business investment rose 1.2% in the second quarter, helping to offset weak consumer spending.
Exports increased by 0.2% and imports by 0.1%, which means that foreign trade made little contribution to the overall economic growth in the second quarter. Domestic demand contributed 0.4 percentage points to growth.
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