P.M. BRIEFING : French Economy Bounces Back
The French economy has rebounded from a slowdown earlier this year, expanding 1.3% in the third quarter, official figures published today showed.
The data from the National Statistics Institute portrayed an economy adapting well to the shock of higher oil prices unleashed by Iraq’s invasion of Kuwait on Aug. 2.
The government has projected growth this year of 2.8%, a target that independent economists say is well within reach in view of today’s report.
The institute said stronger business investment, a rebound in exports and higher inventories powered growth between July and September, offsetting a slowdown in consumer spending.
The 1.3% growth in the gross domestic product marked a rapid acceleration from 0.2% in the second quarter. In the first three months of the year the economy grew 0.8%.
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