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Paris Economic and Real Estate Outlook – June 2011

Economic environment
The economy: headed for a slowdown
France recorded an unexpected increase of 1% in GDP for in the first quarter of 2011 driven by domestic demand and the production of goods and services. Manufacturing production also rose at arecord rate of 3.4%, the highest in 30 years.  Concurrently, imports rose at a faster pace than exports and the trade gap widened taking 0.4 points from growth. However, despite these favourable developments, the slowdown in household spending was unfortunately confirmed at the start of the second quarter. After contracting 1% in March, French household consumption fell 1.8% month on month in April. Industrial production in France also fell back slightly in April (by 0.3%) after an initial slip in March.
Nevertheless, business climate indicators remain robust at 108 points.

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