According to the first INSEE’s estimate, real GDP growth remained stable at 0.3% q/q in Q1 2019. This figure is in line with our expectations but it paints a mixed picture, an even more mixed one than during the two previous quarters. These latter depicted a weak but resistant activity. Regarding Q1, we favor the opposite picture, emphasising a bit more the lack of dynamism rather than the signs of resistance. The limited rebound in Q1 consumer spending illustrates well this ambivalence, as well as the split position of the different Pulse indicators on the quadrants of our chart.
Index France
