French economy grows for second consecutive quarter

| November 13, 2009 | 0 Comments
French economy grows for second consecutive quarter

France’s economy grew by 0.3% in the third quarter confirming that it has officially exited recession.

French Finance Minister Christine Lagarde told Europe 1 radio that the economy would shrink in 2009 but enter 2010 “with elan”.

France, along with Germany and Japan, also experienced positive growth in the second quarter, with them all “unofficially” emerging from recession during the period.

The world’s largest economy, the US, exited recession in the third quarter but the UK’s economy is still contracting.

Yesterday, statistics body Rosstat has announced that Russia’s economy expanded by 13.9% in the third quarter compared with the second quarter.

Russia’s economy, which is heavily reliant on oil exports, has suffered from a severe downturn but the latest figures show that Russia is on the road to recovery as a result of the rebound in oil prices.

Meanwhile, the 21 nations that make up the Asia-Pacific Economic Co-operation (Apec) body, has announced that Asia is leading the world out of recession.

In a speech, Singapore’s Prime Minister Lee Hsien Loong said that, with weaker US growth, “somebody else has to spend more somewhere else in the world….and this has to be in Asia.”

“The next few years’ growth will be slow worldwide but in the long term, Asia will do well,” Mr Lee said.

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