The economy of France, the second largest economy in The European Union (EU) recorded a contraction of 0.2% in the first quarter of 2022, compared to a growth of 0.4% in the last three months of 2021, while the Gallic country’s harmonized inflation rate climbed to a record 5.8 in the month of May. %, according to data published by the National Institute of Statistics and Economic Studies (INC).
Between January and March, France’s GDP decreased 0.2% compared to the previous three months, when it had grown by 0.4%, representing a downward revision from preliminary readings that were expected for the first quarter of 2022. The quarter points to a stagnation of the French economy. ,
worst development Start This reflects weakness in domestic consumption in the first three months of the year, with a contraction of 1.5% compared to a growth of 0.3% in the previous quarter, despite the fact that gross fixed capital formation grew by 0.6% over the past three months. After falling 0.3% in months.
On the other hand, the French Statistical Institute reported that the Consumer Price Index (CPI) France May stood at 5.2% year-on-year, representing four tenths of a more rapid increase in prices than in April.
In addition, the data of harmonious CPIThe reference, for Eurostat calculations, rose to a record 5.8% in May, after a year-on-year increase of 5.4% in the previous month.
in addition to the following France, Germany reported yesterday that the CPI for the month of May would stand at 7.9%, the highest figure in the entire historical series that began after the country’s reunification in 1991, compared to April’s 7.4%.
On their side, the consistent rate of inflation Germany was 7.8%, so that the increase in prices in the fifth month of the year has accelerated from the nine tenth.
In the case of SpainFor the fourth-largest economy in euros, the CPI was up 8.7% in May, eight tenths higher than in April. Similarly, consistent inflation data for Spain put its inter-annual rate at 8.5%, two tenths higher than in April.
France fuels inflation fears with record inflation