France’s GDP decreased by 0.2pc in the first quarter (Q1) of 2022, the French National Institute of Statistics and Economic Studies (INSEE) said on Tuesday. According to the institute, the GDP decline is due to the decrease of household consumption, particularly in transport equipment, other manufactured goods and in accommodation services and restaurants. The household’s consumption prices increased by 1.3pc but the purchasing power of the gross disposable household income (GDHI) decreased by 1.8pc in the first quarter of 2022, the INSEE said. The final domestic demand excluding inventories contributed negatively to the evolution of GDP, by 0.6 points, noted the institute. According to the INSEE, the contribution of foreign trade to the GDP was positive by 0.2 points due to an increase in exports by 1.2pc The contribution of inventory changes to the GDP was positive by 0.2 points, the institute said.