French official quarter growth revised down to 0.9 percent

29th June 2011, Comments 0 comments

The French economy grew slightly less than expected in the first quarter of 2011, revised data showed, but the economy is clearly accelerating, the INSEE national statistics institute said on Wednesday.

INSEE said that growth of first-quarter gross domestic product was 0.9 percent instead of 1.0 percent as estimated in May.

INSEE also said that purchasing power had slowed in the first quarter to an increase of 0.2 percent from an increase of 0.4 percent in the final quarter of 2010.

Last week, the institute said that growth would slow to 0.2 percent in the second quarter and then pick up to a yearly growth rate of 2.1 percent.

INSEE said that in 2011, French economic growth should fall close to the eurozone average, behind projected 3.7-percent growth in Germany and above activity in Spain where output is expected to grow by 0.7 percent for the year.

© 2011 AFP

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