Arab Today, arab today french central bank confirms 01 contraction in q3
Last Updated : GMT 15:30:37
Arab Today, arab today
Arab Today, arab today

French central bank confirms 0.1% contraction in Q3

Arab Today, arab today

Arab Today, arab today French central bank confirms 0.1% contraction in Q3

Paris - AFP

France\'s economy is set to contract by 0.1 percent in the third quarter, the central bank confirmed Monday, in a forecast of further trouble for the eurozone\'s second-biggest economy. If confirmed, it would be France\'s first contraction since it came out of recession in 2009 and follows zero growth for the past three quarters. If followed by another negative quarter it would signal the French economy has entered a recession, which is commonly defined by economists as two consecutive quarters of contracting activity. A forward-looking survey of business activity, the Purchasing Managers\' Index compiled by survey firm Markit, has been running for months below 50 points, which indicates a likely contraction. Markit said last month that French \"PMI data currently suggest contraction is on the cards for\" the period from July to September. French President Francois Hollande said Sunday he expected economic growth to be \"barely above zero\" for 2012. The government has forecast 0.3 percent growth for the year, while the OECD last week revised down its forecast for French 2012 growth to 0.1 percent. Slower growth or a drop in revenues would make it more difficult for France to meet its EU obligations to cut its public deficit to 4.5 percent of gross domestic product this year. The government has so far kept its 2013 forecast at 1.2 percent, which most economists now consider unreasonable. Hollande said Sunday that the 2013 draft budget to be presented at the end of the month would be based on a realistic forecast, most likely 0.8 percent. \"I hope that we will do better than 0.8 percent, but hypothetically, we will work with that forecast,\" the president said in a nationally televised speech. France has promised to squeeze its public deficit back to the EU limit of 3.0 percent of GDP next year, and Hollande has said this pledge must be honoured if the country wants to maintain its credibility on the markets. To meet that obligation France will need to raise an extra 20 billion euros next year -- half from businesses and half from households -- in the biggest tax hike for at least the past three decades. Another 10 billion euros in spending cuts will be made.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today french central bank confirms 01 contraction in q3 Arab Today, arab today french central bank confirms 01 contraction in q3

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday