French GDP growth understated?
PMI and other surveys indicate economy stronger than official growth figures
IHS writes, “A variety of survey data are pointing to stronger economic growth so far this year, contrasting with official data. Growth of gross domestic product slowed to 0.3% in the first quarter of 2017, according to official statistics body INSEE, down from 0.5% in the fourth quarter of 2016. That was below the signal from the PMI and other business surveys. For example, at 55.6, the average PMI output index reading for the first three months of 2017 was indicative of 0.5% growth, based on simple historical comparisons.”