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France revises 2012 growth forecast

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by Kay Mitchell

France’s Economy Minister Christine Lagarde has said the economy will expand 2.25% in 2012, revised down from a previous estimate of 2.5%.

The revision was based on the fact that global demand for French goods is likely to weaken.

In an interview with Les Echos reported, the minister said: “Our forecast for two percent growth in 2011 is now judged to be realistic even though the government has been attacked for some time on that.

“For 2012, we expect a pick up but we have decided to be cautious in setting the target at 2.25 percent instead of the previous 2.5 percent,” she added.

In the meantime, the minister said inflation for the 2011 year will be around 1.8% and 1.75% for 2012.

Furthermore, public debt is expected to reach a high of 86% of GDP for 2012 and fall back to 85.6% the following year.

France is the euro zone’s second largest economy, behind Germany, which is currently driving the recovery in the region.

Last week, Germany’s leading economic institutes upwardly revised their growth forecast for the economy.

It said the economy will expand by 2.8% this year, up from an earlier forecast of 2%.

Germany posted growth of 3.6% in 2010 – the strongest pace since reunification in 1990, according to the Federal Statistical Office.

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News posted: April 14, 2011

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