Explainer
Why did France's economy shrink while the euro area grew?
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France's economy shrank 0.1% between July and September, according to statistics office Insee. Forecasters had expected slight growth, so the drop caught many by surprise. It follows a flat spring.
-0.1%
The wider euro area grew 0.4% in the quarter, and Ireland led the bloc at 5.5%. France sat near the bottom, just above Lithuania, though not every member has reported yet.
- Ireland5.5%
- Euro area0.4%
Inside France, households kept spending, but exports fell 1.7% from the previous quarter, and foreign trade pulled growth down. Weak aerospace and farm exports drove the drop.
-1.7%
Economy minister Roland Lescure put it bluntly. "The French economy is at a standstill." Public accounts minister David Amiel says next year's budget will need more effort, not less.
“The French economy is at a standstill.”
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France's economy shrinks 0.1% in Q3 as inflation and protests deepen budget squeezeRead the article
Based on reports by
- EL MUNDOThe French economy slows down again and GDP falls 0.1% in the third quarter
- AxiosFrench economy unexpectedly contracts in Q3
- Bloomberg BusinessFrance Faces Fright Night of Inflation and Unrest
- EL PAÍSFrance nears recession after slight GDP fall between July and September
- BFMTVThe French economy stagnates and it is bad news for the budget: the public accounts minister estimates that it will be necessary to make “more efforts” than in the initial text
- BFMTVFrance among the bad students, Spain still in good shape while Germany rebounds: growth in the eurozone reached 0.4% in the third quarter