PARIS: The economy grew faster than estimated in the first quarter, lifted by improving corporate investment. Growth accelerated to 0.6 percent, instead of the 0.5 percent estimated on April 29, statistics office INSEE said yesterday.
That compared with a 0.4 percent increase in the previous quarter and 1.4 percent a year earlier. Corporate investment jumped 2.4 percent in the quarter instead of the 1.6 percent estimated, helped by 40 billion euros (US$44.5 billion) in tax cuts over the course of four years and a short-term tax break that allowed companies accelerated amortization in the current fiscal year.
Consumer spending increased 1 percent, compared with the 1.2 percent initially reported.
