french central bank trims growth forecasts citing brexit
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

French central bank trims growth forecasts, citing Brexit

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleFrench central bank trims growth forecasts, citing Brexit

France's central bank has trimmed its growth forecasts
Paris - AFP

France's central bank trimmed its growth forecasts for 2016 and 2017 on Friday, citing a deterioration in the global economy and Britain's decision to leave the European Union.

The Bank of France revised its 2016 and 2017 growth forecast down to 1.3 percent, having previously expected growth of 1.4 percent this year and 1.5 percent next year.

It also predicted growth of 1.4 percent in 2018, down from its previous figure of 1.6 percent.

"In 2017 and 2018, the downward revision of our GDP growth projection... is mainly due to the deterioration in the international environment," it said in a statement.

"The projection is thus particularly affected by less favourable foreign demand prospects.., notably as a result of the impact of Brexit on the UK economy and of its dissemination to the euro area economies."

France's national statistics agency Insee in October also cut back its outlook for annual growth this year to 1.3 percent from 1.6 percent.

The European Commission forecasts 1.3-percent growth in GDP in 2016 and 1.4 percent next year, while the OECD is betting on 1.2 percent and 1.3 percent respectively.

Britain voted on June 23 to leave the EU, and Prime Minister Theresa May has promised to trigger the two-year divorce process at the end of March.

European Central Bank chief Mario Draghi Monday highlighted the risks which the referendum result poses for European economies.

"Looking at the recent events, it is quite clear that geopolitical uncertainty has become the major source of uncertainty for the months to come," he told EU parliamentarians.

The Bank of France also said the French economy is no longer expected to benefit fully from the positive effects of the fall in oil prices, which have led to significant gains in purchasing power for households over the past two years.

"Since the first quarter of 2016, the price of oil has rebounded and it should continue to recover gradually until 2019," said the bank, which forecast a "deceleration of domestic demand" after peaking in 2016. 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

french central bank trims growth forecasts citing brexit french central bank trims growth forecasts citing brexit

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 11:21 2017 Wednesday ,25 January

ENOC and EEG conclude educational series

GMT 09:38 2017 Friday ,14 April

Hurafuna Handicrafts Festival launched

GMT 14:37 2017 Sunday ,23 July

Iran, Iraq sign MoU to boost defense ties

GMT 01:14 2017 Friday ,13 October

Bahrain-US military cooperation discussed

GMT 08:09 2017 Thursday ,28 September

Ranger: Yosemite rock fall kills 1, injures another

GMT 10:17 2017 Thursday ,30 November

N. Korea claims nuclear statehood with US

GMT 06:24 2017 Saturday ,02 December

Trump seeks to quash Tillerson sacking rumor

GMT 11:23 2017 Thursday ,30 November

Assad negotiators meet UN envoy at Syria peace talks
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle