Emmanuel Duteil 7:42 a.m., October 29, 2021
French GDP growth amounted to 3% in the third quarter of 2021 compared to the previous quarter, and is close to its pre-crisis level (-0.1%).
With the reopening of sectors linked to leisure and tourism, household consumption expenditure in particular accelerated sharply, gaining 5% over one quarter.
Growth figures for the third quarter were unveiled this Friday morning by INSEE.
And as much to say that it is in good shape.
GDP has indeed increased by 3% over the past quarter and the economic recovery is confirmed.
Putting aside the technical rebound in the third quarter of last year, which itself followed the historic containment collapse, such quarter-over-quarter growth has only happened twice since 1949. The last time 'such a leap has been observed since after the events of May 1968.
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France is back to its pre-crisis level faster than expected
Another good news is that this growth is more dynamic than what Insee or the Banque de France expected.
France has indeed almost returned to its pre-crisis level of Covid-19.
Experts believed the country would not achieve this performance until next quarter.
A good trend which can be explained in particular by business investment and our purchases, that is to say household consumption.
It remains to be seen whether growth can remain this dynamic.
Because shortages of raw materials and labor as well as high energy prices could well block this momentum.