It came as a welcome surprise in an otherwise gloomy domestic and international climate: French economic growth reached 0.5% in the third quarter, propelled by exports. This figure followed growth of 0.1% in the first quarter and 0.3% in the second. Unless there is a sharp reversal in the final three months of the year, the 0.8% growth target for 2025 should be met, outpacing the 0.7% that had been anticipated. “A remarkable performance,” said French Economy Minister Roland Lescure in a statement released to Agence France-Presse on Thursday, October 30. “Despite political turmoil and international uncertainties, our businesses are investing, exporting and moving the country forward.”
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Indeed, this strong third-quarter figure was mainly explained by robust export performance. Exports increased by 2.2% between June and September, while imports declined (−0.4%). This contribution from foreign trade “was expected and has materialized,” explained Marie Leclair, head of the national accounts department at France’s national statistics bureau (INSEE). In the second quarter, growth had been fueled mainly by the increase in industrial inventories.
Due to “the easing of the last supply constraints [shortages of parts or materials, labor shortages] since the Covid-19 pandemic,” noted Maxime Darmet, economist at Allianz Trade, companies were able to ramp up production in the first months of the year. Aircraft, machinery and pharmaceuticals produced by the aeronautics and pharmaceutical industries have therefore now found buyers in foreign markets.
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