French 2021 economic growth strongest in 52 years at 7 per cent
by SOURAV D | VIEW 718
Later this week, data from INSEE statistics agency had unenveloped that France, the bloc’s second-largest economy after Germany, had witnessed its strongest growth in more than 52 years in 2021 as the world’s seventh-largest economy by nominal GDP (Gross Domestic Product), appears to have clawed back sharply from the pandemic’s fiscal fallouts. Besides, Paris also had reported a faster-than-anticipated rebound from the pandemic-induced economic crises, eventually proffering a strong boost to President Emmanuel Macron’s credentials who is expected to run for a second term in French Presidential election scheduled to take place on April this year.
French economy grows by the strongest pace in 52 years
According to Government data, the French economy grew by a 7 per cent in 2021 following a contraction of 8 per cent in a pandemic-battered 2022. Aside from that, INSEE Statistics Agency was quoted saying that the 26-member bloc’s second-largest economy expanded by 0.7 per cent over the final quarter of 2021 that followed a relatively stronger third quarter growth of 3.1 per cent, beating an economists’ estimate which was expecting a growth of 0.5 per cent in the final quarter of 2021.
Meanwhile, addressing to a sharp bounce back in French economy last year despite sporadic resurgence of the pandemic, French Finance Minister Bruno Le Maire said on France 2 Television, “The French economy has rebounded spectacularly and that's erased the economic crisis.
There are still some sectors that are still having trouble, like tourism and hotels, but most are recovering very strongly and that's creating jobs”. However, citing uncertainties over a second term for President Macron despite a prudent economic growth in 2021, a Capital Economics senior Europe economist Jessica Hinds said, “All told, the economic stage is set for April’s presidential election.
Emmanuel Macron will clearly be pleased with the 2021 GDP numbers. All told, the economic stage is set for April’s presidential election. Emmanuel Macron will clearly be pleased with the 2021 GDP numbers”.