France GDP (Q3)

The slowdown in French GDP growth from an upwardly-revised +0.6% q/q in Q2 to only 0.1% in Q3 (see Chart 1) was a little better than the consensus and our own forecast (+0.1% and -0.2% q/q) and means GDP was 1.8% larger than before the pandemic – a lot better than in Germany but a little worse than Spain.

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