BUSINESS: Eurozone growth

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The French economy is doing better than forecast. It has grown by 0.2 percent in the third quarter. That assessment is supplied by the European Office of statistics which has also revised upwards the total figures of the first and second quarter growth. They were respectively of 0.3 and 0.1 percent compared to 0.2 and 0 percent previously. The minister of finance, Michel Sapin, told the daily Le Monde newspaper: “Growth has broken down, in Europe and in France. With zero growth in the second quarter, thereby extending the stagnation we saw in the first, our country is slowing down and will not achieve the 1% growth observers were predicting three months ago”. He also said that the total figures published by INSEE strengthen Bercy’s orientation.”Beyond the jolts from one quarter to the next, activity has somewhat taken off but remains too weak to create the jobs our country needs,” Finance Minister Michel Sapin said in a statement, reiterating French calls for more action to boost growth and jobs in Europe. Sapin welcomed the gross domestic product (GDP) data as a sign that it could reach its new target of 0.4 percent growth for the whole year. That is less than half its initial forecast and France has said it would miss a pledge to bring its public deficit down to 3 percent of GDP next year because of weak growth. Although the result remains weak, the new trend is encouraging.

Gabrille DEVOSSE et Sarah SIMAO, IEJ 1B.

 

 

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