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Eurozone GDP: French economic growth accelerates to 0.4% – business live Eurozone GDP: French economic growth accelerates to 0.4% – business live
(35 minutes later)
7.19am GMT
07:19
Outgoing French president Francois Hollande will surely be pleased that the economy is growing, but his successor still faces a big challenge:
The problem with the French economy? Not growing fast enough to close its output gap. It's all positive but also weak. Same old, same old.
7.11am GMT
07:11
French GDP: instant reaction
German journalist Gesche Wüpper points out that France’s growth during 2016 was weaker than hoped, at just 1.1% for the year.
France: GDP growth only 1,1% in 2016, below expectations of French government which predicted 1,4%. https://t.co/pvaKVVE9cF via @Boursorama
Bloomberg’s Maxime Sbaihi tweets this graph, showing how France’s growth has been volatile and unspectacular over the last few years:
FRANCE: GDP up 0.4% in 4Q, but overall 2016 performance (+1.1%) is weaker than 2015 (+1.2%). Same for 2017. My take: https://t.co/59iVCDd9l9 pic.twitter.com/eq6SOQVUlv
Arne Petimezas, analyst at AFS Group, shows how France (in green) has lagged behind Sweden, the US, Germany and the UK over the last decade.
Sweden, US stellar performers. Dutch growth accelerating, French GDP growth stays mediocre. Suspiciously little volatility in Spain GDP. pic.twitter.com/AX09AcnclR
Updated
at 7.11am GMT
6.49am GMT6.49am GMT
06:4906:49
French GDP rises by 0.4%French GDP rises by 0.4%
France has got Eurozone GDP Day off to a good start, by reporting that its economy accelerated in the last three months of 2016.France has got Eurozone GDP Day off to a good start, by reporting that its economy accelerated in the last three months of 2016.
French GDP expanded by 0.4% in the October-December quarter, twice as fast as in July-September. This suggests that France’s recovery from the financial crisis continues, despite the uncertainty created by the Brexit vote last summer.French GDP expanded by 0.4% in the October-December quarter, twice as fast as in July-September. This suggests that France’s recovery from the financial crisis continues, despite the uncertainty created by the Brexit vote last summer.
The figures also show that France’s economy grew by 1.1% during 2016.
Statistics body INSEE says that consumer and business spending drove the recovery.Statistics body INSEE says that consumer and business spending drove the recovery.
“Household consumption expenditures” rose by 0.6% during the month. while “gross fixed capital formation” jumped by 0.8%.“Household consumption expenditures” rose by 0.6% during the month. while “gross fixed capital formation” jumped by 0.8%.
Exports were “more dynamic”, rising by +1.1% during the quarter while imports grew by 0.8%. And that means foreign trade balance contributed slightly to GDP growth: +0.1 points after −0.7 points in the previous quarter.Exports were “more dynamic”, rising by +1.1% during the quarter while imports grew by 0.8%. And that means foreign trade balance contributed slightly to GDP growth: +0.1 points after −0.7 points in the previous quarter.
I’ll pull some reaction together now....I’ll pull some reaction together now....
UpdatedUpdated
at 6.55am GMT at 7.03am GMT
6.39am GMT6.39am GMT
06:3906:39
The agenda: It's eurozone GDP DayThe agenda: It's eurozone GDP Day
Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial market, the eurozone and business.
We’ll be looking at Europe’s economy this morning, as new data are released showing how the eurozone is performing.We’ll be looking at Europe’s economy this morning, as new data are released showing how the eurozone is performing.
The first estimate of eurozone GDP for the last quarter of 2016, due at 10am GMT, may show that growth picked up to +0.4%, from +0.3%. We’ll also get some figures from individual countries, including France.The first estimate of eurozone GDP for the last quarter of 2016, due at 10am GMT, may show that growth picked up to +0.4%, from +0.3%. We’ll also get some figures from individual countries, including France.
The latest eurozone unemployment figures are also due at 10am GMT; economists reckon the jobless rate will stick at 9.8% again, the lowest since 2009. But Italy’s figures, due at 9am GMT, will surely show that its recovery is lagging behind.The latest eurozone unemployment figures are also due at 10am GMT; economists reckon the jobless rate will stick at 9.8% again, the lowest since 2009. But Italy’s figures, due at 9am GMT, will surely show that its recovery is lagging behind.
We also get German retail sales figures for December at 7am; they’re expected to bounce back by around 0.6% after shrinking by 1.8% in November.We also get German retail sales figures for December at 7am; they’re expected to bounce back by around 0.6% after shrinking by 1.8% in November.
And at 8am, European Central Bank chief Mario Draghi is giving speech on “Into the future: Europe’s digital integrated market” in Frankfurt, Germany.And at 8am, European Central Bank chief Mario Draghi is giving speech on “Into the future: Europe’s digital integrated market” in Frankfurt, Germany.
Europe’s financial markets are expected to be subdued, following yesterday’s losses as investors watched the backlash against Donald Trump’s travel ban.Europe’s financial markets are expected to be subdued, following yesterday’s losses as investors watched the backlash against Donald Trump’s travel ban.
Our European opening calls:$FTSE 7112 -0.09%$DAX 11669 -0.11%$CAC 4785 +0.01%$IBEX 9359 -0.03%$MIB 18770 +0.06%Our European opening calls:$FTSE 7112 -0.09%$DAX 11669 -0.11%$CAC 4785 +0.01%$IBEX 9359 -0.03%$MIB 18770 +0.06%
We’ll be tracking all the action through the day...We’ll be tracking all the action through the day...