File Photo.
Paris: This year's Olympic Games boosted the French economy with gross domestic product rising 0.4 percent in the third quarter, the INSEE statistics agency said Wednesday.
After registering growth of 0.2 percent in each of the first two quarters, the economy was "boosted by the Olympics" in July and August, the agency said.
Household consumption, which accounts for half of GDP, rose by 0.5 percent during the quarter.
"A large part of this increase (around half) is linked to the consumption of recreational services in connection with the Paris Olympic and Paralympic Games," INSEE said in a statement.
Foreign trade expanded by 0.1 percent in the third quarter, slowing from 0.2 percent growth in the second quarter, as imports fell faster than exports. Imports were down by 0.7 percent and exports by 0.5 percent in the third quarter.
The French government, which is battling a major debt crisis, has predicted that the economy will grow by about 1.0 percent in 2024.
INSEE calculated that if GDP remains stable in the fourth quarter that growth already registered this year will result in a 1.1 percent expansion overall for 2024.
( Source : AFP )
Next Story
