France Croissance Du Pib

The French economy expanded 0.1% qoq in Q1 of 2025, matching preliminary data while reversing a 0.1% contraction in Q4. Inventory changes contributed positively to GDP (1.0 ppts) amid drags from final domestic demand and net trade. Household consumption fell 0.2% (vs 0.1% in Q4), mainly due to reduced spending on transport equipment. At the same time, government spending slowed (0.2% vs 0.4%). Fixed investment remained flat for the second consecutive quarter, as continued weakness in construction was balanced by gains in information and communication investment. Exports shrank by 1.8% (vs 0.7%), amid uncertainty over U.S. tariffs, despite President Trump announcing a three-month pause for most countries. Imports continued to rise (0.5% vs 0.6%), driven by energy, especially gas and electricity, and other industrial goods. On an annual basis, GDP grew 0.6%, holding steady from the Q4 pace but marking the weakest rise since Q4 2020.