France's gross domestic product shrank by 0.1 percent on quarter in the first three months of 2021, compared with an initial estimate of a 0.4 percent growth and following an upwardly revised 1.5 percent contraction in the previous period. Revised data points that the euro zone's second biggest economy entered a recession, mainly due to the inclusion of construction data, which was significantly less dynamic than the extrapolations used in the first estimate: the evolution of GFCF in construction in Q1 2021 thus fell to 0.6 percent from 5.1 percent. Considering 2020 as a whole, the GDP plunged 8 percent, less than earlier estimates of an 8.2 percent slump. Finance Minister Bruno Le Maire expects the economy to grow 5 percent in 2021 as stay-at-home order is now being slowly lifted. Still, latest data showed household consumption, the driving force of France's economic activity, fell 8.3 percent in the first month of Q2. source: INSEE, France
GDP Growth Rate in France averaged 0.75 percent from 1949 until 2021, reaching an all time high of 18.50 percent in the third quarter of 2020 and a record low of -13.20 percent in the second quarter of 2020. This page provides the latest reported value for - France GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. France GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
GDP Growth Rate in France is expected to be -0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in France to stand at 0.80 in 12 months time. In the long-term, the France GDP Growth Rate is projected to trend around 0.50 percent in 2022 and 0.40 percent in 2023, according to our econometric models.