2020.11.2708:37:00UTC+00France Q3 Growth Revised Up

The French economy rebounded at a faster than initially estimated pace in the third quarter, revised data from the statistical office Insee showed on Friday.

Gross domestic product grew 18.7 percent on a quarterly basis, which was revised up from 18.2 percent estimated previously. The expansion was in contrast to a 13.8 percent fall logged in the second quarter.

Still GDP was well below the level it had before the health crisis.

The third quarter GDP was 3.9 percent lower than in the same period last year. The rate was revised from -4.3 percent. The revision was driven by household consumption and investment in services.

All components of domestic demand rebounded sharply in the third quarter. Household spending surged 17.9 percent and government consumption climbed 15.5 percent. Gross fixed capital formation grew 23.9 percent on quarter.

Exports were up 22.1 percent and imports gained 16.8 percent from the previous quarter.

Finally, changes in inventories contributed negatively to GDP growth by -1.5 points after -0.9 points in the second quarter.