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France GDP Contracts In Q2

The French economy contracted in the second quarter on weak household spending and investment, according to the detailed report published by the statistical office Insee.

Gross domestic product declined 0.1 percent from the first quarter, when it advanced 0.7 percent, Insee reported Friday. The preliminary estimate showed a nil growth for the second quarter.

On the expenditure-side, household final consumption expenditure slid 0.1 percent, reversing a 1.1 percent rise in the first quarter.

On the other hand, government spending expanded 0.4 percent, the same pace as seen in the first quarter.

Gross capital formation decreased 0.2 percent. Imports dropped notably by 1.8 percent, while exports rose slightly by 0.2 percent. Thus, the foreign trade balance contributed positively to GDP growth by 0.6 points.

Conversely, changes in inventories contributed negatively to GDP growth, by -0.7 points.

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