Don't miss

Replay


LATEST SHOWS

ENCORE!

Something's not quite kosher at bakery in sweet comedy 'Dough'

Read more

MIDDLE EAST MATTERS

Iraq: Who is Moqtada al-Sadr?

Read more

FACE-OFF

New labour reform bill: A major gamble for Hollande

Read more

IN THE PAPERS

'It’s Donald Trump’s Party Now'

Read more

DOWN TO EARTH

Fast fashion: Wearing the world out

Read more

IN THE PAPERS

Candidate Hollande hits the campaign trail

Read more

BUSINESS DAILY

Google signs self-driving car deal with Chrysler

Read more

EYE ON AFRICA

Cameroon's president heads to Nigeria

Read more

MEDIAWATCH

Hollande unofficially kicks off his re-election campaign

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)