News Detail

The French economy contracted in the third quarter of the year and the German economy slowed, latest official figures show.

2013年12月9日

        Frances economy contracted by 0.1% in the July-to-September period, compared with growth of 0.5% in the previous three months.

        Germanys economy grew by 0.3% in the quarter, down from a rate of 0.7% seen in the previous three months.

Growth figures for the eurozone as a whole will be released later.

Weak exports

        When Frances economy grew by 0.5% in the second quarter of the year, it pulled the country out of recession, although economists had not expected that level of growth to be sustained.

        Figures from the national statistics agency Insee showed that exports dropped by 1.5% in the third quarter, while business investment fell by 0.6%.

        However, Frances Finance Minister, Pierre Moscovici, said he still believed the economy would grow by 0.1-0.2% over 2013 as a whole.

        "The productive forces are starting up again, production is recovering," Mr Moscovici told French radio.

        "We knew the third quarter would mark a pause, its not a surprise, its not an indicator of decline, its not a recession."

        Germanys statistics office Destatis also cited weak exports as a factor holding back growth.

        "The positive impulses in the third quarter came exclusively from within Germany," Destatis said.

        "Private household and public spending were somewhat higher than in the preceding quarter. And investment in equipment and construction also increased compared with the second quarter. 

        "By contrast, the trade balance put a brake on GDP growth. While imports continued to rise, exports showed little momentum compared with the preceding quarter," it said.

Tel:86-573-85128878
Fax:86-573-85096678
Add:No.1555 XinXing No.1 Road, Economic Development zone, Pinghu, Zhejiang, China
CopyRight © www.ChinaHyun.com Hengyun Art Space
Powered by:DayuWeb