France’s economy managed zero growth in the second quarter of 2012, data showed on Tuesday, beating expectations it would begin a slide into recession.
In its first flash estimate for the second quarter, the national statistics institute INSEE said that French gross domestic product (GDP) was unchanged.
That confounded expectations by many economists, including the Bank of France, that slowdown plaguing much of the eurozone would push France towards recession.
French Finance Minister Pierre Moscovici called the result “very weak” but held to the government’s forecast for a 0.3 percent growth in 2012.
Moscovici said on Europe 1 radio that zero growth “wasn’t great” but “at the same time France is not in recession” unlike “most of our partners” in the EU such as Spain, Italy and Britain.
Via Channel News Asia
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.