France on track to achieve 1.5% growth target for 2016
Economy – Communiqué issued by the Ministry of Finance and Public Accounts.
Paris, 29 April 2016
French economy continues to improve, with growth up by 0.5% in first quarter of 2016 after increasing by 0.3% in fourth quarter of 2015.
INSEE [National Institute of Statistics and Economic Studies] this morning published the growth figure for the first quarter.
With an increase of 0.5%, growth is speeding up, thanks to already-well-established domestic drivers: household consumption has made strong progress (up 1.2% over one quarter) and the acceleration of investment by businesses has been confirmed.
Growth in 2016 is already 1% at the end of the first quarter, which means that, with growth of less than 0.4% each quarter, the target of 1.5% over the year will be achieved.
Michel Sapin said: “Solid growth has been triggered, with a strong rise in consumption and investment by businesses speeding up. Production is increasing and being reflected in more jobs and a decline in unemployment (49,500 fewer jobless people in the first quarter). Our action is bearing fruit, and we’ll continue it resolutely in the coming months”.