French gov't revises up GDP growth to 2.7 pct for 2022
Sep 15, 2022
Paris [France], September 15: French Economy and Finance Minister Bruno Le Maire announced on Wednesday that economic growth in France in 2022 will be about 2.7 percent.
Speaking to CNews, the minister said that France "is not going into recession, France is having a good 2022," with its gross domestic product (GDP) growth already reaching 2.5 percent.
"Now, as consumption is holding up, business investment is holding up, job creation is still very dynamic, we are going to revise 2022 growth to 2.7 percent," he added.
However, due to geopolitical impacts, difficulties in various major economies around the world, and high energy prices, the French government has revised its growth forecast for 2023 down from 1.4 to 1 percent.
Meanwhile, the French minister said that high inflation would begin to decrease in 2023.
"The peak of inflation will be spread over several months in the future, in particular December, January and February, because of energy prices which remain very high," he explained.
France's National Institute of Statistics and Economic Studies (INSEE) previously predicted that France's annual gross GDP growth would reach 2.6 percent in 2022.
Source: Xinhua
