France’s economy recorded zero growth in the first quarter of this year due to weak domestic demand and a sharply negative contribution from foreign trade, the national statistics agency INSEE said Thursday.
The first estimation of the first quarter gross domestic product (GDP) shows the impact of the war in the Middle East, which began on February 28.
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As little as two weeks ago, the French central bank estimated that the country’s economy could grow by as much as 0.3 per cent in January through March, while INSEE had cut its forecast from 0.3 per cent to 0.2 per cent growth at the end of March.
AFP
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