France: Hiatus in first-quarter growth

Business climate surveys are consistent with a strong growth figure in first-quarter 2017, equal to or even likely higher than the Q4 2016 performance (0.4% q/q).
However, monthly activity data available for January and February were poor, which evidently does not augur well for growth.
The risk associated with our Q1 2017 growth forecast of 0.4% q/q has now swung to the downside.

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BNP Paribas

BNP Paribas Economic Research Department is a worldwide function, part of Corporate and Investment Banking, at the service of both the Bank and its customers.

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