France’s Economy Expands For Fourth Consecutive Quarter

France’s economy expanded for a fourth straight quarter, ending years of stop-start progress and giving President Emmanuel Macron momentum as he tries to push through crucial reforms.

The 0.5 percent expansion in the three months through June matched the pace of the previous two quarters and was driven by exports and investment. Net trade made the biggest contribution in more than seven years.

With political clouds having cleared thanks to Macron’s election win and tax cuts implemented by predecessor Francois Hollande taking hold, consumer confidence is near the highest in a decade, while business confidence is at the strongest level since 2011. Yet, economists warn that the long-delayed rebound won’t last unless the new 39-year-old president manages to successfully implement his economic reform program.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.