France clocks up fastest growth in 10 years: data
Paris, (MILLAT ONLINE):The French economy notched up its fastest growth in 10 years in 2017, expanding by 1.9 percent, the national statistics institute INSEE calculated on Tuesday.
The figure, in line with forecasts by both INSEE and the Bank of France, represented a marked pick-up from 2016, when gross domestic product grew by 1.1 percent.
The economy performed particularly strongly in the fourth quarter of last year when GDP expanded by 0.6 percent, the statisticians calculated.
The government had been pencilling in growth of 1.7 percent for last year. But Finance Minister Bruno Le Maire recently hinted that the performance could be better, saying that “growth is solid. It may be close to 2.0 percent in 2017.”
The acceleration in economic activity was driven largely by increased investment, which was up 3.7 percent last year, INSEE said.
Consumer spending increased by 1.3 percent, even if consumption growth slowed in the fourth quarter.