France Bids Good Bye to Recession
An improved economic growth of 0.5% in France helped the nation to get over with the recession in the second quarter. Increased expenditure by consumers and better industrial output have contributed to the biggest growth in a quarter since President Francois Hollande took hold of his office.
INSEE Statistics Agency has revealed this data on Wednesday. This is the biggest gain for France after early 2011.
A Reuters poll based on the forecast of 26 economists had earlier suggested that France would show a growth of 0.2% in the first quarter of this financial year.
However, the bad news is that the investment in the country is still shrinking for the sixth consecutive quarter. Though, it contracted little less in this quarter in comparison to the last quarters. Exports and imports have increased in the last quarter, but did not create an impact on the Gross Domestic Product.
"The strong second-quarter performance will be a boost to President Hollande, who can now substantiate his views that the 'recovery has already arrived", said Diego Iscaro, an Economist at IHS Global Insight. He said the problem of unemployment is still much in the nation and there is high pressure on the corporate profitability, so we cannot be highly optimistic about the coming quarters.
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