French growth increases 0.5 percent in second quarter

By Hajer M'tiri

PARIS (AA) - French GDP growth has risen by 0.5 percent for the third quarter in a row, according to forecasts released by the National Institute of Statistics and Economic Studies (INSEE) on Friday.

Friday's estimates are the first since Emmanuel Macron was elected president.

Despite a 0.6 points drop in business investment, the eurozone's second-largest economy continued to grow, driven by a 3.1 percent strong rebound in exports after a contraction in the first three months of the year.

Consumer spending also picked up, rising 0.3 percent quarter-on-quarter after 0.1 percent in the first quarter.

With unemployment rates dropping by 0.3 percent in June, this is more good news for Macron who promised to begin a first phase of labor reforms and public-spending cuts by Sept. 21 this year.