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Bank of France cuts economic growth forecast, citing Paris attacks


economy

Bank of France cuts economic growth forecast, citing Paris attacks

The Bank of France has cut its forecast for economic growth in the country to 0.3 percent in the fourth quarter – a reduction of 0.1 percent – partly blaming the harm last month’s Paris terrorist attacks did to hotels, restaurants and the leisure industry.

The estimate came in a monthly business sentiment survey which showed the index for morale in the service sector fell to 96 from 97.

The findings concurred with those from Markit’s PMI survey earlier this month which also showed slowing growth in French services due to the attacks.

France’s biggest hotel chain AccorHotels and its flagship airline Air France have both reported damage to their business.

Tourism accounts for just over seven percent of GDP.

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