September 22, 2017 / 6:52 AM / 10 months ago

French second-quarter GDP grew by 0.5 percent, boosted by more consumer spending

PARIS (Reuters) - France’s second-quarter gross domestic product (GDP) grew by 0.5 percent compared to the previous quarter, in line with earlier official estimates, as higher consumer spending buoyed the overall economy, the national statistics agency said.

A view shows the skyline with the Eiffel Tower that is seen in the distance, in Paris, France, September 1, 2017. Picture taken September 1, 2017. REUTERS/Gonzalo Fuentes

The GDP growth of 0.5 percent was the third consecutive quarter that the economy had expanded by that amount, according to statistics body INSEE.

INSEE also said on Friday that French corporate profit margins increased slightly over the second quarter.

INSEE has forecast economic growth in France this year of 1.6 percent, the strongest since 2011, as foreign trade proves less of a drag and the unemployment rate falls.

The OECD also raised this week its forecast for France’s 2017 economic growth, revising it up to 1.7 percent from 1.3 percent previously.

Reporting by Sudip Kar-Gupta; Editing by Laurence Frost

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