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Europe
France going into recession
2008-10-04
Per the usual definition, i.e. 2 consecutive quarters of economic contraction. Not the result of the current credit crunch alone (at least, not solely from the last week) but definitely a sign of global economic weakness.
France will report a contraction in the next two quarters as a weaker job market curbs consumption and exports flag, forecasts from national statistics office INSEE showed on Friday, flagging the arrival of recession.

The eurozones second-biggest economy will probably register a 0.1 percent decline in gross domestic product (GDP) in both the third and fourth quarters of 2008, INSEE said, following a 0.3 percent contraction between April and June. But other politicians have shied away from the term and the head of INSEEs forecasting division, Eric Dubois, said it may be premature to use the word recession, according to some criteria.

"The term that we are using is growth which is coming to a halt. Saying that there isnt any growth already seems like a strong enough message to us," Dubois told a news conference that unveiled quarterly forecasts.

Economy Minister Christine Lagardes office said in a statement that the risk of contraction for a second straight quarter between July and September was now "real".

French gross domestic product fell by 0.3 percent in the second quarter. European Central Bank President Jean-Claude Trichet declined to comment on individual countries when asked on Europe 1 radio if France was in recession. But he said that growth was slowing in Europe and there was a risk it would slow further.

INSEE cut its forecast for 2008 growth to 0.9 percent, from 1.6 percent in June, saying slowing global demand would weigh on exports as deteriorating labour market conditions and slowing income growth dented purchasing power and consumption.
Posted by:lotp

#4  So do the Fwench, I'm sure, KBK.

(French Rantburgers excepted, of course.)
Posted by: Barbara Skolaut   2008-10-04 17:02  

#3  I blame Bush.
Posted by: KBK   2008-10-04 16:49  

#2  Perhaps if they cut the work week to 10 hours / week, it will create more jobs. Or maybe they can just surrender to the recession.
Posted by: DMFD   2008-10-04 15:02  

#1  Geez, sounds serious.
Maybe they'll all go on strike.
Posted by: tu3031   2008-10-04 12:21  

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