French economy in recession once again

Bad news for the French as recession hits French economy for the second time in less than four years.

The official figures show that the French economy has shrunk by 0.2% in the first quarter of the year. It may be recalled that French economy shrank by the same amount in the last quarter of 2012.

President Francois Hollande has said he expects zero growth in 2013, lower than a 0.1% growth forecast by the French government.

Separate figures showed that the recession across the 17-nation eurozone has continued into a sixth quarter.

Elsewhere, annual figures from Germany also show the German economy has shrunk by 1.4% when compared with a year ago.

Read more about it at: BBC News
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Posted in: economy, France, News, Recession