The French economy recorded solid growth in the third quarter, suggesting that recovery in the eurozone’s second-largest economy remains on track.
Gross domestic product rose by 0.5% in the quarter and at an annual rate of 2.2%, French statistics agency Insee said Tuesday.
Second-quarter growth was revised up by a tenth of percentage point to 0.6%.
France has posted four quarters of relatively strong growth, after years of economic struggles in the wake of the financial crisis of 2008 and the eurozone’s sovereign-debt upheaval.
Tuesday’s annual growth rate was the highest figure since 2011, Insee said.
The figures suggest that French president Emmanuel Macron has strong tailwinds for his program of economic overhauls. Having pushed through changes to France’s rigid labor market rules, the young president is preparing to shake up the country’s unemployment insurance and retirement systems.
Source: Dow Jones