Both the French central bank and the statistics office had assumed growth of between 0.2 and 0.25 percent for the second quarter. According to the statisticians, the better development is now largely due to good figures in foreign trade. In addition, the decline in consumer spending of 0.2 percent was significantly less than feared.
Based on this data, Insee forecasts growth of 2.5 percent for the French economy for the whole of 2022. This is in line with previous government forecasts and slightly above the 2.3 percent forecast by the Banque de France and the International Monetary Fund.
