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

Credit: REUTERS/BENOIT TESSIER

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.

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))

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