Tough times in French economy
FRANCE’S economy flatlined in the first half of 2012, President Francois Hollande said yesterday.
A high rate of expansion was needed to bring down unemployment and “we need to do everything we can to generate lasting growth for the years ahead,” Mr Hollande told a conference on industrial relations.
Earlier, the country’s central bank said it expected the euro zone’s second largest economy to have shrunk by 0.1 per cent in the second quarter after posting zero growth in the first three months, sticking with last month’s forecast.
“French business confidence remains low due to an anaemic domestic market and (the) new taxes announced (last week),” ING economist Manuel Maleki said yesterday.