Don't miss

Replay


LATEST SHOWS

THE DEBATE

Do you believe in miracles? Longshots Leicester defy football odds (part 1)

Read more

THE DEBATE

How much is too much? Growing calls to cap executive pay (part 2)

Read more

FRANCE IN FOCUS

Fontainebleau: Home sweet home for King Francis I

Read more

INSIDE THE AMERICAS

Brazil's bumpy countdown to the Rio Olympics

Read more

ENCORE!

'Luminous Discontent': Robert Longo’s monochrome vision

Read more

FOCUS

Migrants: Austria building fence on border with Italy

Read more

EUROPE NOW

Finland: Migrants and money (part 2)

Read more

EUROPE NOW

Finland: Migrants and money (part 1)

Read more

IN THE PAPERS

Champions! Leicester City win Premier League title

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)