FRANCE

摘要

The second release of Q2 GDP confirmed the moderation in activity. Growth was flat q-o-q, payback for a 0.7% surge in Q1. On a y-o-y basis, GDP growth accelerated from +0.9% to an upwardly-revised 1.1%. Q2 household consumption was revised down from 1.7% (y-o-y) to 1.5%. Meanwhile, despite flat growth in August, goods' consumption over the summer was upbeat, rising by 0.4% (m-o-m) in June and 0.3% in July. July was boosted in particular by a 1.5% monthly jump in energy spending and a 2% advance in clothing purchases on the back of summer weather and sales. Auto trade fell by 1.3%, though. Elsewhere, the Banque de France's business sentiment indicator for industry faltered in September on the back of a drop in transport equipment output. Manufacturing production as a whole struggled over the summer, falling by 0.6% (m-o-m) in June and 1.0% in July, although August did soar by 2.2% on the back of a 6.5% surge in auto output. With external risks heightened by financial volatility, the outlook for manufacturing has faltered this month.