Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Competing narratives in Malaysia Airlines disaster coverage

Read more

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

THE OBSERVERS

Muslims and Christians clean up Bangui, and violence spirals out of control in Algeria's Gardaia

Read more

IN THE PAPERS

Is there such thing as 'telegenic' victims of war?

Read more

IN THE PAPERS

2014-07-22 07:21 IN THE FRENCH PRESS

Read more

  • Israel hits targets in Gaza despite diplomatic efforts for ceasefire

    Read more

  • France gives go-ahead to pro-Palestinian Paris rally

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • US, European airlines suspend flights to Tel Aviv over Israel-Gaza conflict

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • PSG punished by UEFA for abuse of disabled Chelsea fans

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • Ukraine rebels release bodies, black boxes from flight MH17

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • Children killed in minibus crash in eastern France

    Read more

  • Hollande says French warship delivery will ‘depend on Russia’s attitude’

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

  • Notorious ‘VIP’ prison in Paris closed for renovations

    Read more

  • An ‘explosion of violence’: French press reacts to Gaza protests

    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)