French central bank shaves quarterly growth to 0.4 percent

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The Bank of France shaved its forecast for growth of the French economy in the second quarter of this year to 0.4 percent from 0.5 percent, on Thursday.

The official statistics institute INSEE, which is to publish its data on output in the second quarter in the middle of August has forecast growth for the quarter of 0.5 percent.

In the first quarter, French gross domestic product grew by 0.1 percent.

Last year the economy shrank by 2.9 percent.

The government has forecast growth of 1.4 percent for the whole of this year, as have INSEE and most leading international bodies such as the European Commission, the International Monetary Fund and the Organisation for Economic Cooperation and Development.

© 2010 AFP

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