The preliminary data of the French Statistical Office (INSEE) showed today, Friday, that the French economy has recovered at a faster than expected rate during the third quarter of this year, in light of the gradual easing of restrictions aimed at controlling the Corona pandemic.
French GDP rose by 18.2% in the third quarter, after contracting by 13.7% in the second quarter. Economists had expected the French economy to grow by 15.4%.However, the gross domestic product remained below its levels before the outbreak of the Corona pandemic, as it decreased in the third quarter by 4.3% compared to the same quarter of last year, according to data from the French Statistical Office.
All components of domestic demand rebounded sharply in the third quarter, as French household spending increased by 17.3%, approaching its levels before the outbreak of the pandemic, and government spending increased by 15.4%.
French foreign trade also recovered during the third quarter, especially exports, which rose by 23.2%, while imports increased by 16%.
In general, foreign trade contributed 1.2% to the French GDP growth.
The International Monetary Fund says French GDP will decline by 9.8% this year, before growing by 6% in 2021.
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