France slips into recession
PARIS: French leaders scrambled to reassure consumers, voters and investors Friday, after the official statistics agency warned that the eurozone’s second largest economy had slipped into recession. The French economy shrank by 0.3% in the second quarter of the year, and on Friday the Insee agency forecast that gross domestic product would drop by a further 0.1% in both the remaining quarters of 2008. Economists define a recession as two successive quarters of negative growth but the government, desperate to maintain public confidence in the face of the global slowdown, steered deliberately clear of the term. afp
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| Saturday, October 04, 2008
