France FinMin Says Country Could Shrink 0.1 Percent in August

France’s finance minister has denied that the eurozone’s second-biggest country has revised down its economic prospects for 2013.

Pierre Moscovici was quoted on Saturday as saying that France’s economy might shrink 0.1% this year, after predicting 0.1% growth earlier this year.

But he said on Sunday: “I have not made any revision on the forecast of growth in France.”

He added that a new forecast might appear with the new budget next month.

France has not had a year of negative growth since 2009.

“We know the trends and this year growth will be weak and between -0.1% and 0.1%,” Mr Moscovici told the Nice Matin newspaper on Saturday. “What is important is that the trend has reversed.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza