France. – France’s GDP grew by 3% in the third quarter and regained its pre-pandemic level

MADRID, October 29 (European press) –

France’s gross domestic product (GDP) posted 3% growth in the third quarter, compared to the 1.3% expansion seen between April and June, according to a first estimate by the National Institute of Statistics and Economic Studies (Insee). ), which means that the second largest economy in the eurozone has practically recovered the level of GDP for the fourth quarter of 2019.

“GDP is almost back to its pre-crisis level and was 0.1% lower than its level in the fourth quarter of 2019,” Insi said.

The French Minister of Economy and Finance, Bruno Le Maire, described the GDP growth data in comments to France Info as “exceptional”, adding that “France is in the right direction”.

The Galic State Statistical Office explained that final domestic demand, excluding changes in inventories, contributed positively to GDP growth in the quarter, at +3.3% compared to +1.5% in the previous three months.

Specifically, consumer spending for French households accelerated significantly in the quarter, with a growth of 5%, compared to 1.3% in the previous quarter, while gross fixed capital formation remained stable, with a decrease of 0.1%, compared to +2.5% in the quarter. the first. Second Quarter.

Exports accelerated by 2.3% in the quarter, compared to an increase of 1.2% in the previous three months, despite the fact that the trade balance remained below pre-crisis levels, despite the fact that in the third quarter it had a positive contribution of six tenths, after a decrease of 0.2 % in the second quarter.

“This performance will allow us to immediately restore our pre-crisis level of activity, when we planned to restore it by the end of 2021 at the earliest, and possibly early 2022,” said Bruno Le Maire.

In this way, the French minister confirmed that the government’s growth forecast for 2021 will reach 6.25%, noting that after the third quarter data “it will come true. Now it is certain, and this is also very good news. Confirms the strength of the French recovery.”