For the second quarter in a row, France's gross domestic product expanded only 0.2 percent, crashing down from the 0.7 percent rate averaged in 2017, while consumer spending, the country's main growth engine, is faltering, having contracted in the second quarter for the first time in almost two years.
A delegation from the International Monetary Fund, which has met with French government ministers and business figures in Paris, on Monday praised President Emmanuel Macron for what it called an 'ambitious', 'comprehensive' and 'balanced' economic reform plan, which will begin this autumn with an overhaul of labour market regulations.
A bill of law on “transparency, anti-corruption and modernization of economic life” introduces for the first time in France a legal definition and protection of whistleblowers and a provision that companies will have to declare their tax position in countries where they or their subsidiaries operate. But for some MPs and transparency activists, the fine detail of this ambitious law makes it a lost opportunity. Dan Israel reports.
In an interview with CNBC, Angel Gurria said France had introduced 'a number' of reforms but that these will require time to show results.
The British government's haughty comparisons with French economic performance omitted to note that productivity is 27% greater in France.
Emmanuel Macron, whose reforms aim to 'unblock' the French economy, has started legal action against 'certain public officials' after the threats.
The result is because Britain now includes earnings from drugs and prostitution in its GDP figures, which France as yet does not.
Commission predicts below average growth, falling investment, weakening public finances and competitiveness, and deficit rising to 4.7%.
Private market survey reports French manufacturing and service industry activity fell beyond predicted amount in October, despite price cuts.
Recovering to nearly 400,000 after the crisis, annual housing starts fell to 330,000 last year and are set to slump to 300,000 or below this year.
Benoît Hamon has joined the economy minister in a revolt against austerity measures, warning that they are sending France into recession.
Bank of France forecasts 0.2% economic growth in third quarter, while statistics agency INSEE forecast 0.7% expansion for whole of 2014.
French statistics office Insee said prices in January fell by 0.6% compared with previous month, prompting economists to warn of possible deflation.