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To: Johnny Canuck who wrote (44799)	5/15/2008 5:12:50 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69348

France, Germany picked up pace in first quarter Net exports provide GDP lift despite stronger euro By William L. Watts, MarketWatch Last update: 3:53 a.m. EDT May 15, 2008 LONDON (MarketWatch) -- France and Germany showed no signs of an economic slowdown in the first three months of the year, with growth in gross domestic product accelerating in the euro-zone's two largest countries, according to data released Thursday. German gross domestic product grew by 1.5% from the fourth quarter for an annual rise of 2.6%, according to the Federal Statistics Office. Economists were looking for a more modest 0.7% quarterly rise and a 1.8% gain on the year, according to a survey of economists by Dow Jones Newswires. "Despite stronger load factors, the German economy proved to be very robust at the beginning of 2008," the statistical agency said in a news release. Gross capital formation grew on a quarterly basis and in comparison to the first quarter of last year, the agency said. Despite a surging euro, net exports contributed to growth in the yearly measure. France saw a 0.6% quarterly rise in GDP, for an annual pickup of 2.2%, according to the statistical agency Insee. Markets were looking for a 0.4% rise on the quarter and 1.9% year-on-year gain after posting quarterly growth of 0.4% in the final three months of 2007 and an annual rise of 2.1%. Insee said household spending growth slowed from a 0.6% pace to 0.1% in the first quarter, contributing only 0.1 percentage point to GDP growth. Exports saw substantial growth, however, rising 3.1% after a 0.2% drop in the previous quarter, while imports were up 1.9% after a 1.9% fall in the final quarter of 2007. Insee said net foreign trade contributed 0.3 percentage point to first-quarter GDP growth. Eurostat, the European Commission's statistical agency, will release its preliminary estimate of first quarter growth across the 15-nation euro zone at 5 a.m. Eastern. Consensus expectations are for a 0.5% quarterly rise and growth of 1.9% compared to the first quarter of last year. GDP posted a 0.4% quarterly rise in the fourth quarter for a 2.2% annual pace. William L. Watts is a reporter for MarketWatch in London.