According to preliminary report from INSEE, households’ consumption expenditure surged by 0.8 percent in the first quarter, following a 0.1 percent growth in the previous period. Government expenditure expanded by 0.4 percent, slowing from a 0.5 percent growth in the preceding quarter. In contrast, total gross fixed capital formation declined by 0.2 percent, following a 0.4 percent contraction in the December quarter. Final domestic demand (excluding changes in inventories) markedly improved and contributed 0.5 points to GDP growth (after 0.1 points in the preceding quarter).
Exports expanded by 0.9 percent, slowing from a 2.5 percent expansion in the previous quarter while imports accelerated 2.3 percent, from a 1.5 percent growth in the last quarter of 2014. In fine, the foreign trade balance contributed negatively to activity (–0.5 points after +0.2 points in the previous quarter). In contrast, changes in inventories contributed positively: +0.5 points after –0.3 points at the end of 2014.