France sticks to forecast of 11% economic contraction, says Le Maire

Credit: REUTERS/BENOIT TESSIER

PARIS, Aug 24 (Reuters) - The French government is sticking to its forecast for an 11% contraction of the French economy this year because of uncertainty over the outlook for the global economy, finance minister Bruno Le Maire said on Monday.

Asked about a forecast from the national statistics agency for a 9% contraction this year, Le Maire said on RTL radio that "for now, we confirm the figure of a minus 11% recession".

"While there has been a strong recovery in May-June, between now and year-end there is still a lot of uncertainty, notably Brexit, the U.S. election and the new Chinese five-year plan. All that will weigh on world trade and therefore on French growth," he said.

(Reporting by Leigh Thomas and Sudip Kar-Gupta Writing by Geert De Clercq Editing by David Goodman)

((geert.declercq@tr.com; +33 1 4949 5343; Reuters Messaging: Twitter: @gvdeclercq))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.