The economy in France is doing less well than expected according to INSEE
Despite the figures published by INSEE, Bruno Le Maire is nevertheless reassuring (illustrative image).
Eric Piermont AFP / Archivos
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2 min
The French gross domestic product contracted by 0.1% in the 1st quarter, according to the National Institute of Statistics (Insee).
Not enough to cool the optimism of the Minister of the Economy, Bruno Le Maire, who wants to be reassuring despite everything.
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For the recovery, we will still have to wait.
INSEE is sharply revising its previous estimate of 0.4% growth downwards.
In question, a less strong activity than expected in construction.
Fall in household consumption
Household consumption also fell in April by 8.3% compared to March, due in particular to the third confinement.
The French bought less manufactured goods, sales of these products collapsed by nearly 19%, while spending on energy and food declined only very slightly, says the National Institute of Statistics.
[1/2 #Conjoncture #Economie] Today, INSEE is publishing a series of indicators on French #growth, #household consumption, #consumer prices, production prices in #industry .. . to find on https://t.co/rbIMWXJ3Ud pic.twitter.com/IxCaA3W6F9
- Insee (@InseeFr) May 28, 2021
This does not dampen the optimism of the government, which is counting on a very strong recovery this summer, like the spectacular rebound of the economy in 2020 after the first confinement.
This rebound was precisely driven by household consumption.
The Minister of the Economy is maintaining his course: to return to the level before the crisis in the 1st quarter of 2022 and to put on 5% growth at the end of the year.
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