Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Netanyahu deletes tweet featuring photo of James Foley

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014

Read more

FRANCE IN FOCUS

FRANCE IN FOCUS

Read more

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

  • Merkel in Ukraine as Russian convoy marks ‘dangerous escalation’

    Read more

  • US brands journalist’s beheading a ‘terrorist attack’

    Read more

  • Europe launches navigation satellites to rival GPS

    Read more

  • Philippines to repatriate UN troops in Liberia over Ebola fears

    Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Rights group sues US government over ‘deportation mill’

    Read more

  • Colombian army and FARC rebels begin work on ceasefire

    Read more

  • US National Guard starts to pull out of embattled Missouri town

    Read more

  • PSG fall flat once more against Evian

    Read more

  • Fed Chair says US job market still hampered by Great Recession

    Read more

  • August 22, 1914: The bloodiest day in French military history

    Read more

  • Central African Republic announces coalition cabinet

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

France narrowly escaped recession in third quarter

Latest update : 2008-12-29

Official figures confirmed initial estimates that France's economy grew by 0.1% in the third quarter of 2008, allowing it to narrowly escape recession. But the respite is only temporary since GDP is expected to shrink by 0.8% in the fourth quarter.

AFP - The latest growth estimate by France's state statistics institute confirmed Monday that the country has defied predictions and narrowly avoided falling into recession.

The economy grew 0.1 percent in the third quarter, thereby avoiding recession after a contraction of 0.3 percent in the second quarter, said a second estimate by INSEE that confirmed initial figures given in November.

INSEE had initially predicted a fall of 0.1 percent in gross domestic product (GDP) in the third quarter. A recession is defined as two quarters of negative growth.

Nevertheless, the institute predicted on December 19 in its official economic forecast that France will fall into recession next year for the first time since 1993 and faces a steep rise in unemployment.

After the 0.1 percent growth in the third quarter of this year, it estimated that the French economy will shrink by 0.8 percent in this quarter and will contract again by 0.4 percent in the first quarter of 2009.

The agency hopes for a slow recovery after that but GDP could still decline by 0.1 percent in the second quarter -- marking a nine month long contraction -- and 2009 as a whole could still see negative growth.

The government has, however, stuck with its forecast of a slender expansion in 2009 of 0.2 to 0.5 percent.

Date created : 2008-12-29

COMMENT(S)