French growth slowed sharply in the third quarter, at a time when GDP has made only 0. 2%, after a 0. 5% jump achieved in the spring, according to the data revealed by the National Institute for Statistics and Economic Studies today, Friday.
This occurs as inflation, which accelerated to 6.2% on an annual basis after falling in August and September, starts to affect the purchasing power of French people.
The growth has benefited from a minor increase in the production of services (+0. 5%), despite the fall in this field from the increase recorded in the spring, which was in accordance with the National Institute of Statistics’ estimates and slightly less than those of the Bank of France (+0. 25%). (1 percent).
The last three months of the year will be more difficult, with a signing growth in the fourth quarter by the National Institute for Statistics and Economic Studies, which is expected to rate 2. 6% for the full year 2022 (0. 1 points less than the government’s estimate).
Families feel strongly that their purchasing power is eroding due to high prices rising at an unprecedented rate since the mid-1980s, according to French economist Maxim Darmi of Elianz Test.
The National Institute for Statistics and Economic Studies has already noted a decline in purchasing power in the first half of the year, even if data for the third quarter is not yet available.
Consequently, the index, which summarizes the loss of individual purchasing power (“the total income available for each consumption unit”), decreased by 1. 8% in the first quarter, by 1. 2% in the second quarter.
The foregoing pushes families to the economy, as the National Institute of Statistics expects to advance in the savings rate by the end of the year (17 percent compared to 15. 5% in the first half).
Families’ consumer expenditure on hotel and restaurant services has already started to decline this summer, falling from 12.7% in the second quarter to barely 0.6% from July to September.
France: The economy has slowed significantly, and inflation is at an all-time high.
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