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The Latest: Consumer spending helps French economy expand 0.3 percent in third quarter

Associated Press
Published | Updated

PARIS – The latest news on a raft of European economic figures released Friday. All times local:

8:25 a.m.

France's economy grew 0.3 percent in the third quarter from the previous three-month figure, a modest increase that is likely to ease fears of stagnation in the eurozone's No. 2 economy.

The increase was in line with market expectations and welcome after that France saw zero growth in the second quarter. Based on the third quarter rise, state statistics agency Insee said it expects 1.1 percent growth this year.

Consumer spending was the main driver behind the quarterly rise. It grew 0.3 percent.

French President Francois Hollande's Socialist government is trying to loosen up labor rules to encourage investment and reduce unemployment, which has stayed around 10 percent for years.