globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / November 09, 2012 8:49 PM
As expected, at least in this corner, things are going downhill rapidly in France. The French central bank is now predicting recession for France.
Bear in mind Europe tends to use a pretty strict definition of recession – two consecutive quarters of negative GDP.
Courtesy of Google translate from El Economista, please consider France will enter recession in the fourth quarter, according to Bank of France.
The Bank of France expects the country into recession later this year, to predict a fall in Gross Domestic Product (GDP) of 0.1% in the fourth quarter, the same percentage that fell in the previous three months. If confirmed, it would be the first recession in the French economy since the 2009 crisis.
This is the first estimate of the situation issued by the Bank of France, which occurs a few days before you make the National Statistics Institute (INSEE), on November 15.
In its latest forecast, the INSEE predicted stagnation in the French economy in the last two quarters of the year and growth in the full year of 0.2%, one tenth less than what the government provides.