French economy grows 0.3% in third quarter: INSEE

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The French economy grew less than first thought in the third quarter at a revised 0.3 percent, down from the initial estimate of 0.4 percent, the national statistics institute INSEE said Friday.

INSEE said the downward revision reflected lower industrial output and the inclusion of final sales figures.

On the basis of the third quarter performance, the French economy should grow 1.7 percent growth for the year, in line with the government target of 1.75 percent.

Last week, INSEE said it expected France to fall into a brief recession, with the economy contracting 0.2 percent in the three months to December and another 0.1 percent in first quarter 2012.

A recession is defined as at least two consecutive quarters of negative quarter-on-quarter growth.

© 2011 AFP

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