PARIS, Jan. 28 (Xinhua) -- France's gross domestic product (GDP) of 2021 should increase by 7 percent compared to the previous year's decrease of 8 percent, the French National Institute of Statistics and Economic Studies (INSEE) estimated on Friday.

Based on the growth rates of the four quarters of 2021, the INSEE projected in its report an annual economic growth of 7 percent for the year of 2021 in France, a record if confirmed.

During the fourth quarter of 2021, France's GDP increased by 0.7 percent after an increase of 3.1 percent in the previous quarter, the INSEE added.

According to the institute, final domestic demand and the growth rate of household consumption expenditure, contributed to the increase of the GDP growth for the fourth quarter of 2021.

The contribution of foreign trade to France's GDP in the fourth quarter of 2021 decreased by 0.2 points.

According to the INSEE, household consumption, consumption in hotel and restaurants services and consumption in transport services have seen their numbers slightly increase in the fourth quarter of 2021 as the country was recovering from the economic effects of the ongoing pandemic. Enditem

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