France Croissance Du Pib

The French economy grew by 0.1% qoq in Q1 of 2025, reversing a 0.1% contraction in Q4 but falling short of market expectations for a 0.2% increase, flash data showed. Inventory changes contributed positively to the GDP (0.5 ppts), while final domestic demand made no contribution, and net trade remained a drag. Household consumption was flat (vs 0.2% in Q4), as a decline in goods purchases was offset by higher spending on services. At the same time, government expenditure slowed (0.1% vs 0.4%). Meanwhile, fixed investment shrank further (-0.2% vs -0.1%), weighed down by weakness in construction and manufactured goods. Exports fell sharply (-0.7% vs 0.2%), despite U.S. President Trump's announcement of a three-month tariff pause for most countries, with French officials viewing his trade policy as unpredictable. Meanwhile, imports continued to rise (0.4% vs 0.5%). On a yearly basis, the economy advanced 0.8%, matching an upwardly revised Q4 figure and slightly beating consensus of 0.7%.