PARIS (dpa-AFX) - The French economy logged a moderate growth at the end of 2021 after a strong rebound in the third quarter with the reopening in several sectors of activity, the statistical office Insee said on Friday.
Gross domestic product grew by a more-than-expected 0.7 percent sequentially, following a 3.1 percent rise in the third quarter. Economists had forecast a quarterly expansion of 0.5 percent.
After returning to its pre-crisis level in the previous quarter, GDP exceeded it significantly by 0.9 percent in the fourth quarter.
On the expenditure-side, household consumption grew at a slower pace of 0.4 percent in the fourth quarter. Likewise, growth in government consumption eased to 0.3 percent.
Gross fixed capital formation gained 0.5 percent, faster than the marginal 0.1 percent rise a quarter ago.
Foreign trade grew faster than domestic demand. The increase was more marked on the side of imports, which grew 3.6 percent and exports rose 3.2 percent.
As a result, the contribution of foreign trade to GDP growth was slightly negative, by -0.2 points. Finally, the contribution of inventory changes to GDP growth was positive 0.4 points.
On average over 2021, GDP expanded 7.0 percent, in contrast to the -8.0 percent decline in 2020.
In a separate communiqué, the statistical office said household consumption of goods declined in December due to the fall in energy and manufactured goods spending.
Household spending grew only 0.2 percent after the 0.9 percent increase in November. Energy consumption slid 1.3 percent and manufactured goods consumption was down 0.4 percent.
Over the whole fourth quarter 2021, household consumption of goods increased 0.3 percent.
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