In the spring, the economy was first slowed down by the third lockdown but activity picked up sharply with the gradual lifting of health restrictions from mid-May.
This first estimate published on Friday by INSEE is slightly higher than the + 0,7% that the Statistical Institute was anticipating. The Banque de France was counting on a rebound of 1%.
France signs the weakest growth of the large countries of the euro zone, Germany having progressed by 1,5%, Spain by 2,8% and Italy by 2,7%. But the French economy had not weakened like its neighbors in the first quarter (+ 0%, according to a new estimate from INSEE, against -2,1% in Germany for example).
In addition, French GDP "is approaching its pre-crisis level," said the National Statistics Institute, since it is only 3,3% below its level in the fourth quarter of 2019. .
"It is an exceptional performance of the French economy", welcomed the Minister of the Economy, Bruno Le Maire, on France inter.
This thus reinforces the forecast of INSEE, as of the government, of seeing growth reach 6% this year, one of the highest in the euro zone, and the French economy returning to almost its pre-crisis level from the end. 2021, after a record 8% recession last year.
France "is still a few points behind (compared to the pre-crisis) but we are going faster than expected and that will allow us to now quickly engage the third phase of our economic strategy", with the future plan of investment, insisted Bruno Le Maire.
Challenge: control the epidemic
INSEE does not comment at this stage on the potential impact of the fourth wave of the epidemic that France is experiencing this summer.
But in early July, he considered that even in the event of a resurgence of the epidemic, the deployment of vaccination could prevent the imposition of restrictions too restrictive for the economy.
This is also supported by the government, Bruno Le Maire having estimated in a recent interview with the Journal du dimanche that "the health pass should not affect the turnover of the sectors concerned", which continue to be helped by the solidarity fund this summer in case of need.
However, a meeting is scheduled for August 30 with professionals in culture, tourism, etc., to take stock of possible losses of activity this summer.
"Revenge of services"
In the meantime, in the second quarter, consumption accelerated (+ 0,9% after + 0,2% in the first quarter), in particular for accommodation and food services and transport services, due to the reopening of bars and restaurants. restaurants and resumption of travel.
However, consumption remains "well below its pre-crisis level", specifies INSEE, the closures of so-called non-essential businesses having reduced purchases of manufactured goods.
"It is the revenge of services", when the industry shows more contrasting signs, notes Selin Ozyurt, economist at credit insurer Euler Hermes.
Investment also accelerated sharply (+ 1,1% after + 0,4%), thus "largely" exceeding its pre-crisis level, an element encouraging the continuation of the recovery.
"There is clearly a rebound in household investment, in connection with the acceleration in construction, and that of public administrations, undoubtedly due to the implementation of the recovery plan", details Emmanuel Jessua, economist at the Rexecode Institute.
On the other hand, "there is rather a slowdown in business investment and downright a drop in investment in the manufacturing industry," he says.
On the activity side, market services have accelerated sharply, in particular in the hotel and restaurant industry. Production of goods has rebounded, while construction continues to recover.
But the catching up of the manufacturing industry is "more moderate", notes INSEE.
"It may be related to the problems of value chains, sea freight, which ultimately weighed on our industry," said Selin Ozyurt, citing in particular the shortages of raw materials.
Foreign trade continued to weigh on growth, with imports still growing faster than exports.