FRANCE

摘要

Despite concerns over rising price pressures and the global economic slowdown, Q1 GDP growth surprised on the upside. Activity accelerated from 0.3% (q-o-q) in the final quarter of 2007 to 0.6%, supported by a 1.8% (q-o-q) surge in business investment and a 1.2%-point contribution from net trade. Household consumption, however, slowed markedly from 0.6% growth in Q4 to a mere 0.1 % rise in the January-March period. Given that consumer spending has been the main driver of activity over the past few years, the outturn is worrying, albeit hardly a surprise.