The Bank of France reviews French growth forecasts downwards
11th June 2012On 8th June the Bank of France reviewed its growth forecasts for the second quarter of 2012 downwards. It is now expecting a contraction of 0.1% of the GDP instead of stagnation at 0% that had initially been forecast. Its forecasts are based on its monthly survey of industry and services whose activity was down in May 2012. If the forecast proves true it will be the first month of contraction in France since the end of the country's recession in 2009. However "forecasts reveal an improvement in activity short term," in industry and a "tightening up" in the services sector.
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