PARIS, April 29 ― France's economic growth unexpectedly flatlined in the first quarter as consumer spending dropped in the face of record high inflation, official data showed today, putting pressure on President Emmanuel Macron ahead of legislative elections.
While a slowdown in France had been expected, the reading was worse than expectations for growth of 0.3 per cent in a Reuters poll of 24 economists, whose forecasts ranged from 0.6 per cent to -0.1 per cent. The latest inflationary spike will offer fresh fodder to Macron's opponents who accuse the president of not doing enough to protect consumers' purchasing power heading into legislative elections next month that will determine whether he has a majority to govern for the next five years.
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