French busi­ness con­fi­dence climbs to high­est in 4-year

The Pak Banker - - BUSINESS -

PARIS: French busi­ness con­fi­dence rose to the high­est level in four years as cheaper oil buoys con­sumer de­mand and a weaker euro helps ex­ports. An in­dex of sen­ti­ment among French ex­ec­u­tives climbed to 100 in Au­gust, its high­est read­ing since 2011, data from na­tional sta­tis­tics of­fice Insee showed on Thurs­day. Econ­o­mists forecast a read­ing of 99, the same level as in July, ac­cord­ing to the me­dian es­ti­mate in a Bloomberg sur­vey.

The in­crease sug­gests the French econ­omy is on track for its best full-year ex­pan­sion in more than three years. The fi­nance min­istry and the In­ter­na­tional Mon­e­tary Fund ex­pect growth of about 1 per­cent in 2015, com­pared with an av­er­age of less than 0.5 per­cent in the pre­vi­ous three. These fig­ures "show the re­cov­ery is con­tin­u­ing," Fi­nance Min­is­ter Michel Sapin said in a state­ment. "The data sup­ports the gov­ern­ment's growth forecast at a time when job cre­ation is start­ing grad­u­ally," he said.

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