The French budget deficit has risen to €31bn in March from €29.4bn in the same month last year as industrial output worsened in the same month.
French Q1 budget data disappointing, not b/c of revenues (YoY comparison biased by 4G licence sale in Q112) but b/c of 3.5% rise in spending— Frederik Ducrozet (@fwred) May 7, 2013
Yday better French PMI data can be ignored,for several quarters PMIs have been too weak vs reality.Even w/ Mar bounce this is still the case— econhedge (@econhedge) May 7, 2013
Specifically, Markit surveys suggest French GDP contracted 48bps in Q1. Data is out next week, will prob show -20-25bps— econhedge (@econhedge) May 7, 2013