France to see slower growth in 2015: agency

The China Post - - MARKETS -

France’s sta­tis­tics agency Insee on Fri­day low­ered its forecast for eco­nomic growth this year to 1.1 per­cent from its pre­vi­ous es­ti­mate of 1.2 per­cent due to the “un­pleas­ant sur­prise” of zero growth in the sec­ond quar­ter.

In the third quar­ter, Insee has pre­dicted France’s gross do­mes­tic prod­uct (GDP) to ex­pand by 0.2 per­cent, slower than the ear­lier 0.3 per­cent forecast, and by 0.4 per­cent in the fourth quar­ter.

Re­gard­ing un­em­ploy­ment Insee es­ti­mated that the job­less rate would be sta­ble at 10 per­cent in the sec­ond quar­ter, a slight de- cline of 0.1 per­cent­age point from a year ear­lier.

The sta­tis­tics agency’s forecast is a bit more op­ti­mistic than its last pro­jec­tions, count­ing on 10.1 per­cent un­em­ploy­ment at the end of the year, but that is still near the his­toric peak of 10.4 per­cent job­less­ness in 1997.

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