growth Budget was stronger than expected in France in the first quarter, 0.6% instead of 0.4% expected, announced Wednesday the Insee . This rebound follows a zero growth in the fourth quarter 2014 figure revised down by 0.1 percentage point, said the Insee. According to Michel Sapin , the growth prospects are “clearly reinforced.”
INSEE also lowers the average growth last year to 0.2%, or less than half its previous estimates. INSEE reviewing at the same time the growth sequence of the years 2012 and 2013 to 0.2% for the former and 0.7% for the second, against 0.4% and 0.3% previously.
The 39 economists polled by Reuters had forecast a 0.4% growth for the first quarter 2015, their forecasts ranging from + 0.2% to + 0.6%. The contribution of final domestic demand to growth was positive 0.5 point, as well as that of the change in inventories +0.5 point too. Foreign trade there has however negatively contributed 0.5 points.
Household consumption expenditure rose
Household Consumption Expenditure up 0.8% and investment fell by 0.2%, while that of enterprises increased by 0.2 points. The carryover for 2015, namely the level of the entire year if growth in the last three quarters was nil, was + 0.7%.
INSEE publishes in parallel a new assessment of government accounts for 2014, which showed a deficit of 4.0% in line with the previous estimate, and a public debt / GDP 95.6%, against 95.0% previously announced. By comparison, the deficit, which aggregates account balances of the State, local authorities and social security funds, accounted for 4.1% of national wealth end 2013 and public debt 92.3% of it .
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