PARIS – France recorded its highest growth in six years with its GDP growing at 1.9 percent in 2017, the National Institute of Statistics and Economic Studies said on Tuesday.
The figure indicates that the economy picked up pace, especially as compared to the 1.1 percent growth registered in 2016, Insee said.
In the last three months of 2017, the GDP grew by 0.6 percent, according to Insee, which revised the third quarter results to 0.5 percent, reducing it by one decimal point.
The growth figure released by Insee is also two decimal points higher than the government’s budget projection.
Companies investments grew by 4.3 percent, 9 decimal points higher than 2016, while household spending grew by 5.1 percent, as compared to the 2.4 percent recorded in 2016.
Exports grew 3.5 percent, following a 1.9 percent growth the year before, while imports rose 4.3 percent, slightly higher than the 4.2 percent growth in 2016.
Trade balance also negatively impacted growth, lowering the GDP by four decimal points, half of the effect measured in 2016.
Insee predicted a 0.5 and 0.4 percent growth in the first two quarters of 2018, driven primarily by exports.
The bureau also predicted a slight fall in unemployment, expected to reach 9.4 percent – three decimal points less than the current rate – of the active population by the middle of the year.