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French economy heading back into recession

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08/08/2012
France’s economy will slip back into recession in the third quarter, posting a 0.1% contraction, the Bank of France has warned.

The central bank has previously stated it also expects France’s economy to fall 0.1% in the second quarter, meaning a third quarter decline will put France back into recession for the second time in three years. France posted zero growth in the first quarter of the year.

Europe’s second biggest economy has suffered a sharp decline in demand for exports over the past year, which the bank stated is one of the main factors behind the expected decline in output.

The eurozone sovereign debt crisis has dented consumer confidence across the country and unemployment has risen to 10%.

Earlier this year Standard & Poor’s stripped France of its coveted triple-A credit rating, while Moody’s has threatened to downgrade the country if its economic prospects remain bleak. Meanwhile, Fitch has reaffirmed France’s triple-A rating until 2013.

 

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