French economics growth unexpectedly flat in The first quarter With lower consumer spending in The face of record- high inflation official data showed on Friday, pressure on President Emmanuel Macron in the future of legislative elections.
forget official The statistics agency said preliminary data showed no change in Gross Domestic Product (GDP) for January March. This indicates a sharp slowdown of final Three months of 2021, when the eurozone second- the biggest economy Expanded 0.8%, which was revised up from 0.7% previously.
inflation and first quarter GDP figures for A single eurozone consisting of 19 countries is to be created later on Friday.
While the slowdown in France was expected, the reading was worse than expected for growth of 0.3% in Reuters poll of 24 economists, their expectations ranged from 0.6% to -0.1%.
family spending, and traditional driver of French growthdecreased 1.3% in The quarter With consumer confidence waning amid fears over Rising energy prices and war in Ukraine, bypassing any payment of the facility of COVID-19 restrictions.
Inflation rose from record to record in last months, rising unexpectedly in April to touch a new Average of 5.4% according to the National Institute of Statistics in separate report on Friday.
The latest hypertrophic spike He will provide fresh fodder for Macron opponents who accusing the chief of Not doing enough to protect consumer purchases power Heading towards legislative elections next The month that will determine whether it has a majority to rule for The next five years.
for him current government Raised 25 billion euros ($26.3 billion) package of measures for help Protecting dwindling consumer purchases power and made up in Big part of caps on gas and electricity price He increases.
But that didn’t stop cost of Living off being a main topic in French presidential elections this month, which incumbent Macron won on Sunday by defeating far-right leader Marine Le Pen.
“although government These measures have protected families from the worst of energy price rise, wider rise in Inflation will continue to cast a shadow on real income and spending senior Europe economist Jessica Hinds at the consulting firm Capital Economics.
“One silver lining, at least, is that the French economy Less exposed to Ukraine conflict than most in Eurozone, including Germany added.
Macron indicated that the . file first steps after June vote Will include more measures to help Consumers, such as subsidies for people on low income who ought to use Their cars, as well as increase in pensions.
