French Economy Helps to Ease Europe’s German-Centered Gloom
French Economy Helps to Ease Europe’s German-Centered Gloom
(Bloomberg) --
The French economy grew faster than initially estimated in the second quarter, reinforcing the view that it’s proving more resilient than other countries to the current slowdown.
The revision to gross domestic product means the economy grew 0.3%, matching the pace of the previous three months and avoiding the slowdown that gripped much of the euro region. Germany, Europe’s largest economy, shrank in the second quarter and may contract again, which would put it in a technical recession.
French GDP was initially estimated at 0.2% in the three months through June.
Alongside the revision from the statistics office, separate French numbers showed consumer spending rose 0.4% in July, after a 0.2% decline in June.
Other surveys signal that France continues to perform better than its larger neighbor. Its composite PMI has improved in recent months and was at 52.7 in August. The German reading is weaker, at 51.4, held back by a slump in manufacturing.
To contact the reporter on this story: Fergal O'Brien in Zurich at fobrien@bloomberg.net
To contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net, James Regan, Vidya Root
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