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French growth evaporates


economy

French growth evaporates

France’s economy will contract slightly in the second quarter of the year, falling 0.1 percent, the country‘s central bank is predicting.

Previously, the Bank of France has said it expected zero growth as happened in the first three months of the year.

The forecast is based on the central bank’s monthly survey of business activity which revealed declines in both services and industry in May.

Adding to the economic burdens of new president Francois Hollande the latest figures show France’s trade deficit widened in April.

The European Commission and the French government expect gross domestic product to grow by 0.5 per cent for all this year. It 2011 GDP expanded by 1.7 percent.

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