The growth of the French gross domestic product (GDP) amounted to 3% in the third quarter of 2021 compared to the previous quarter, a very high level and exceeding forecasts, which allows the national wealth to approach its level of before. the crisis (- 0.1%), estimated the National Institute of Statistics and Economic Studies (Insee), Friday, October 29. “It is a figure which is beyond our expectations”, reacted the Minister of the Economy of the French Republic, Bruno Le Maire, calling him ” exceptional result “.
This 3% growth figure is higher than all estimates made by analysts and institutions, with INSEE itself forecasting 2.7% in its September projection. With the reopening of sectors related to leisure and tourism, household consumption spending has accelerated significantly, gaining 5% in one quarter, said INSEE.
“France is in the right direction”
“This allows us to achieve this exceptional performance: 3% growth in one quarter, this is unheard of for over fifty years. This is a performance that will allow us to immediately regain our pre-crisis level of activity ”, welcomed the Minister again at the microphone of Franceinfo. “We had planned to find it at the end of 2021 at the earliest, perhaps at the beginning of 2022, and we will now return to our pre-crisis level of activity. This means that France is in the right direction. She sits up, she sits up quickly and she sits up hard “, said Mr. Le Maire.
France has also benefited from the increase in its exports (2.3%) while imports are almost stable (- 0.1%), so that the contribution of foreign trade to growth is positive at 0.6 point of GDP in the third quarter. Total production of market goods and services is largely driven by services, with hotel and restaurant business jumping 43.4% over the quarter. In contrast, the production of manufactured goods remains 6% below its pre-crisis level.
The growth estimate for the second quarter is revised upwards to 1.3%, reported Insee.