In Q1 2025, activity progressed slightly (+0.1% after -0.1%), at a somewhat slower pace than the trend observed since the start of 2024 (excluding the Paris Olympic and Paralympic Games, which left their mark on quarterly growth in activity in H2 2024). Domestic demand declined (contribution to growth of -0.1 point after +0.2 points), penalised by a downturn in household consumption (-0.2% after +0.1%), while investment remained stable (+0.0%, as in the previous quarter) and government consumption slowed (+0.2% after +0.4%). Foreign trade hampered growth by 0.8 points, due to the sharp downturn in exports (-1.8% after +0.7%) following the collapse in aircraft deliveries and despite the sale of an ocean liner in March. Conversely, changes in inventories gave a clear boost to growth (+1.0 point)...