French economic activity is already in better shape.

In the first quarter, the country's growth was flat at 0%, according to an initial estimate published Friday by INSEE.

A forecast well below expectations, the National Institute of Statistics having forecast growth of 0.3%, while the Banque de France was counting on a small increase in gross domestic product (GDP) of 0.25%.

This figure is explained by the fact of a decline in household consumption against a backdrop of inflation and war in Ukraine, according to the institute which also publishes the figures.

Household consumption thus fell "significantly" in March, by 1.3%.

"This decrease is mainly due to the decline in food consumption (-2.5%) and, to a lesser extent, that of energy consumption (-1.6%)", specified the National Institute of the statistics.

  • Consumption

  • Growth

  • Insee

  • Finance

  • War in Ukraine

  • Inflation

  • Economy