The French economy contracted unexpectedly in the first quarter due to the fall in exports and investment, while consumer price inflation accelerated to the highest level in more than two years in May driven by the increase in energy prices, official data showed Friday.
Gross domestic product shrank 0.1 percent in the first quarter from the preceding period, revised data from the statistical office INSEE revealed. This was in contrast to the initial estimate of nil growth and followed an expansion of 0.2 percent in the fourth quarter.
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by Renju Jaya
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