Gokhan Ergocun
29 April 2022•Update: 29 April 2022
ISTANBUL
The French economy stagnated in the first quarter of 2022 versus the previous quarter, according to official data revealed on Friday.
The country's statistical authority Insee said the stagnation stemmed from the weakness of the domestic demand.
"Households' consumption expenditure sharply decreased (-1.3%), while gross fixed capital formation slightly decelerated (+0.2%).
"Finally, internal demand excluding inventory changes contributed to -0.6 points to GDP growth," it said.
In the previous quarter, the GDP (gross domestic product) increased 0.8% on a quarterly basis.
The country's GDP totaled €588 billion ($658.56 billion) in the first quarter, while it was €588.3 billion ($670.7 billion) in the last quarter of 2021 and €558.5 billion ($675.78 billion) in the first quarter of 2021.
The EUR/USD exchange rate was 1.12 in the first quarter of 2022, 1.14 in the last quarter of 2021, and 1.21 in the first quarter of 2021.
