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Financial News: France's GDP Growth To Accelerate In 2017: Insee

France's GDP Growth To Accelerate In 2017: Insee

06/21/2017 - 01:43:00 (RTTNews)

(RTTNews) - The French economy is forecast to grow at the strongest pace since 2011, the statistical office Insee said in quarterly report released late Tuesday.

Gross domestic product is forecast to expand 1.6 percent this year, the strongest since 2011. The economy had expanded 1.1 percent in 2016.

French activity should thus return to a growth rate closer to that of the Eurozone, after three years of weaker growth than its neighbours.

GDP is expected to grow 0.5 percent each in the second and third quarters and then by 0.4 percent at the end of the year.

The Insee said activity growth and policies to reduce labor costs should boost employment. According to Insee, employment will increase by 220,000 in 2017. This should drive a fall in employment rate, by 0.6 points to 9.4 percent at the end of the year.

Inflation is forecast to be at 1.1 percent at the end of 2017. Core inflation is likely to remain low, at 0.8 percent in December 2017, against 0.4 percent a year earlier.

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