French economy grows 0.9% in 2023, stagnant in second half

The French economy grew 0.9 per cent in 2023 but stagnated in the last two quarters of the year, official data showed on Tuesday.

The annual growth figure in the eurozone’s second-biggest economy was just under the government’s forecast of one per cent and down from 2.5 per cent in 2022.

France recorded zero growth most of the year except in the second quarter when the economy expanded by 0.7 per cent, according to the INSEE statistics agency.

Household consumption, a key driver of the economy, AFP reports on Tuesday slowed to 0.7 per cent overall in 2023, falling slightly in the last three months of the year.

France, however, has performed better than Germany, the eurozone’s biggest economy, which is expected to be in recession in 2023 and 2024.

AFP

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