PARIS (AP) -- While economic numbers in the U.S. have not yet met the technical definition of a recession, they have in France.
The country's national statistics agency says the French economy is expected to contract in the third and fourth quarters. The agency says the contraction should be about one-tenth percent in each quarter. That follows a three-tenths fall in the second quarter. For the year, France's economy is expected to have grown 0.9 percent.
France's finance minister had previously rejected suggestions that the country was headed for a recession. But, Christine Lagarde says "the risk of negative growth" is now real.
She blames high oil prices, the strength of the euro earlier this year and the financial crisis for the recession. But she says the government is "totally mobilized" to protect French consumers and the priority should be put on restoring confidence if the financial markets.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.