French economy posts zero growth for second straight quarterAugust 14, 2014 - 11:44 AMT PanARMENIAN.Net - France's economy stagnated in the second quarter, leaving President Francois Hollande increasingly desperate to fulfill his two-year-old pledge to get the country growing again, the Associated Press reports. National statistics agency INSEE reported Thursday, Aug 14, that the eurozone's second-largest economy posted zero growth for the second straight quarter. Finance Minister Michel Sapin immediately acknowledged that the goverment's forecast of 1 percent growth this year was beyond reach. In an op-ed published on the website of French daily Le Monde, Sapin said: "This year GDP growth will be around 0.5 percent, and nothing currently allows us to expect growth much above 1 percent in 2015." France's plight, he argued, was part of a broader economic malaise in Europe. Sapin had previously stuck to the government's forecast of 1 percent growth this year since he came into office in April. The INSEE report showed investment and trade slumping, and consumer spending growing only because energy costs returned to normal levels after a mild autumn and winter. France has little chance to achieve Hollande's pledge to European partners to bring the country's deficit down to 3 percent next year. It missed a targeted reduction in 2013 and looks set to miss again this year. Hollande has offered tax cuts to businesses and announced tens of billions of euros in spending cuts in his bid to bring France's public deficit within EU-agreed limits, with so far little to show for it. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |