Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Robert Mugabe resigns, celebrations erupt in the streets of Harare

Read more

MEDIAWATCH

Zimbabwe's end of an era

Read more

FOCUS

Video: An uncertain fate for US's transgender soldiers

Read more

THE DEBATE

Enslaved in Libya:

Read more

ENCORE!

Seal on his new album 'Standards' and why he doesn't like texting

Read more

IN THE PAPERS

'The End of German Stability'

Read more

IN THE PAPERS

'Bad news for Merkel is bad news for Europe'

Read more

EYE ON AFRICA

Zimbabwean MPs set to start impeachment proceedings against Mugabe

Read more

BUSINESS DAILY

US government sues to block AT&T-Time Warner merger

Read more

France

France to miss 2013 deficit target, lowers 2014 growth

Text by NEWS WIRES

Latest update : 2013-09-12

French Finance Minister Pierre Moscovici said Wednesday that France's 2013 public deficit would hit 4.1% of GDP, higher than the 3.9% agreed with the European Union, and lowered the 2014 growth forecast by a third of a point to 0.9%.

Finance Minister Pierre Moscovici said Wednesday that France would fail to reach the deficit target it agreed with the EU for this year and lowered the government's growth forecast for 2014.

Moscovici said France's 2013 public deficit will come in at 4.1 percent of GDP, higher than the 3.9 percent agreed with the European Union.

But he said the 2014 deficit will come in at 3.6 percent and that France plans to push it back under the EU ceiling of 3.0 percent of GDP in 2015, which is the agreed deadline with Brussels.

He also said France was lowering its forecast for economic growth in 2014 to 0.9 percent, but maintaining its prediction for 0.1 percent growth this year.

The government has previously predicted 1.2 percent economic growth for next year.

In May, the European Commission gave France an additional two years to bring its public deficit back under the EU ceiling of 3.0 percent of GDP.

It said France should cut the public deficit from 4.8 percent of GDP in 2012 to 3.9 percent in 2013, then 3.6 percent in 2014 and 2.8 percent in 2015.

(AFP)

Date created : 2013-09-11

  • FRANCE

    French unemployment rises above 3 million

    Read more

  • FRANCE

    Buying 'Made in France' costs €300 more per month

    Read more

  • FRANCE

    French minister predicts ‘full employment’ by 2025

    Read more

COMMENT(S)