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France Falls Technical Recession, Says Insee
Friday, 03 October 2008 06:17:28 GMT
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France in recession, according to Insee, the statistical office. Insee said GDP is likely to have contracted 0.1% QoQ in Q3, after already falling 0.3% QoQ in the previous quarter. Insee expects a further 0.1% QoQ contraction in Q4 to full year growth of just 0.9%. Insee said the current credit crisis "is an important risk" as well as oil prices, "which have become more volatile". A contraction in French growth in Q3 will also make it more likely that the Euro-Zone as a whole entered a technical recession in the third quarter, even though there has been report that German GDP growth may post a slight gain in Q3.
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