FRANCE

摘要

With the release of the Q2 national accounts conning after our survey deadline, it is the monthly data which suggest a softer April-June period of activity compared with the first quarter's 1.2% (y-o-y) expansion. On the demand side, durable goods' consumption fell by a not-insignificant 1.4% (m-o-m) in June, which contrasted with May's 0.6% gain. The fall brought the y-o-y rate down from +1.9% in the previous month to cancel itself out with a -1.9% outturn. However, this could solely represent weakness in demand for big-ticket items. May's retail commerce report, forexample, showed sales excluding automobiles accelerating from 0.4% in April to 0.8% (m-o-m), boosted by tourism and restaurant/hotel transactions.