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French economy expanded 0.4% in Q3, INSEE says
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PARIS (Reuters) -French economic growth beat estimates by accelerating by 0.4% in the third quarter 2024 from 0.2% in the second quarter because of impact of the Paris Olympic Games, preliminary data from statistics agency INSEE showed on Wednesday.
Economists polled by Reuters had an average forecast of 0.3% for third quarter gross domestic product (GDP) growth.
An influx of tourists attending the Paris Olympics boosted consumer spending in the euro zone’s second-biggest economy, which grew 0.5% in the third quarter after a flat performance in the second quarter.
This preliminary estimate is in line with expectations provided by INSEE in September when it trimmed its forecast for French third quarter Gross Domestic Product growth to 0.4% from 0.5% previously.
After weeks of struggling to find a new prime minister, President Emmanuel Macron named conservative political veteran Michel Barnier in September, who now faces the difficult task of getting the 2025 budget approved and bringing down the deficit in the deeply divided post-election parliament.
(Reporting by Dominique Vidalon; Editing by Christian Schmollinger and Lincoln Feast.)
Economic growth refers to an increase in the production of goods and services in an economy over a period of time, typically measured by the rise in GDP.
Consumer spending is the total amount of money spent by households on goods and services in a given period, a key driver of economic activity.
A preliminary estimate is an initial calculation or assessment of data that may be subject to revision as more accurate information becomes available.
The Paris Olympic Games are expected to boost the local economy through increased tourism and consumer spending, contributing to overall economic growth.
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