FRANCE

摘要

GDP data from the final quarter of last year- released after our survey deadline - surprised on the upside. Activity rose by 0.2% in q-o-q terms compared with 0.3% in Q3. Domestic demand helped to support growth, which was somewhat unexpected given December's goods' consumption report which cited a 0.7% (m-o-m) drop. This came on the back of a 1% fall in food purchases and a 2.7% collapse in energy consumption. However, durables spending held up as a result of Christmas shopping.