Touati said he reckoned the pace of growth would slow to about 2 percent annually. He said in his note that about one-fifth of France's first-half growth resulted from one-time events, such as a favorable calendar, the timing of retailers' sales and a rebound from a slump last year.
Executives' confidence may decline, crimping growth, amid rising oil costs and concerns over demand in key export markets such as the US and Japan, said Phyllis Papadavid, an economist for Lehman Brothers Inc in London. Growth in France "is likely to lose some steam," she said in a note.
Exports
In the three months ended June, France added jobs for only the second quarter since 2002.
Increased shipments to Asia by companies such as Pernod Ricard SA helped lift exports. The world's third-largest liquor maker said sales of wine and spirits rose 5.2 percent in the second quarter as demand for Chivas Regal scotch and Martell cognac increased in Asia.
The government reported earlier this week that Airbus SAS, France's third-largest exporter, shipped 20 planes in June, worth 1.28 billion euros, up from May when it delivered 13 planes overseas worth 896 million euros.
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