This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
Dublin: 2 °C Saturday 23 February, 2019
Advertisement

France enters recession in first quarter

French economic growth has been sluggish lately as a result of record unemployment and falling household demand – the key driver of the economy.

Image: AP Photo/Jacques Brinon

FRANCE ENTERED A recession in the first quarter this year with gross domestic product contracting 0.2 per cent, after shrinking the same amount in the last quarter of 2012, the official INSEE statistics office said Wednesday.

A recession corresponds to a drop in growth over two quarters.

The French finance ministry said that it still expected a tiny expansion of 0.1 per cent for 2013 however.

INSEE also revised lower the fall in purchasing power for French households in 2012 to 0.9 per cent instead of a 0.4 per cent fall forecast in March.

French growth has been sluggish, hit by record unemployment and falling household demand, the key driver of the economy.

- © AFP, 2013

Read: 3,000 tonnes of fodder from France to help farmers in ‘crisis’
Read: “My head just exploded”- Irish director’s film chosen for Cannes
Read: France approves same-sex marriage and adoption

  • Share on Facebook
  • Email this article
  •  

About the author:

AFP

Read next:

COMMENTS (19)

    Trending Tags