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Economic Research

France Economic Outlook, Q4 2009

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Executive Summary

  • Household consumption is showing first signs of weakness due to rising unemployment;
  • With depressed domestic demand, the economy will have to rely on export demand;
  • The significant increase in the budget deficit is largely driven by a decrease in revenues, in particular corporate tax receipts.

Growth

An unexpected expansion of French GDP in Q22009 required an upward revision of RGE’s July economic outlook. Following four consecutive quarters of contracting GDP, the French economy registered 0.3% q/q growth in Q2 2009 and exited the recession earlier than[...]

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