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You can find the current article at its original source at https://www.theguardian.com/business/live/2017/jan/31/eurozone-gdp-french-economy-grows-unemployment-germany-mario-draghi-live
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| Version 1 | Version 2 |
|---|---|
| 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) | |
| 7.54am GMT | |
| 07:54 | |
| Asian stock markets have had another poor day, as fears about Donald Trump’s actions continue to rile investors. | |
| Japan’s Nikkei fell by 1.7%, its biggest drop since October, while Australia’s S&P/ASX 200 lost 0.7%. | |
| On Monday, global markets suffered their biggest one-day drop in six weeks, amid global condemnation of the US president’s travel ban on seven countries in the Middle East. | |
| The news that Trump had fired attorney general Sally Yates after she instructed lawyers not to defend the ban has added to the nervous mood, and fears that Trump is destabilising the world order. | |
| Yoshinori Shigemi, global market strategist at JPMorgan Asset Management, says (via Reuters): | |
| Investors are becoming worried as it appears as if he was setting fire to geopolitical risks that already exist. | |
| Updated | |
| at 7.54am GMT | |
| 7.31am GMT | |
| 07:31 | |
| We don’t have any growth figures from Germany today. Instead, we’ve got a nasty fall in retail spending. | |
| German retail sales fell by 0.9% month-on-month in December, dashing hopes of a recovery after a 1.7% drop in November. | |
| These figures are often volatile, but it could suggest consumers in Europe’s largest economy were cautious in the run-up to Christmas. | |
| 7.19am GMT | 7.19am GMT |
| 07:19 | 07:19 |
| Outgoing French president Francois Hollande will surely be pleased that the economy is growing, but his successor still faces a big challenge: | 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. | 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 | 7.11am GMT |
| 07:11 | 07:11 |
| French GDP: instant reaction | 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. | 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 | 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: | 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 | 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. | 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 | Sweden, US stellar performers. Dutch growth accelerating, French GDP growth stays mediocre. Suspiciously little volatility in Spain GDP. pic.twitter.com/AX09AcnclR |
| Updated | Updated |
| at 7.11am GMT | at 7.11am GMT |
| 6.49am GMT | 6.49am GMT |
| 06:49 | 06:49 |
| 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. | 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.... |
| Updated | Updated |
| at 7.03am GMT | at 7.03am GMT |
| 6.39am GMT | 6.39am GMT |
| 06:39 | 06:39 |
| The agenda: It's eurozone GDP Day | The 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. |
| Plus, the latest estimate of eurozone inflation is released (yup, also at 10am GMT). | |
| 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... |
| Updated | |
| at 7.40am GMT |