Strikes in France are taking a toll on the French economy which shockingly shrank 0.1% in the final quarter of 2019
ROME/PARIS - The economies of France and Italy, respectively the euro zone’s second and third largest, shrank unexpectedly in the last quarter of 2019 causing GDP growth for the 19 countries sharing the single currency to miss forecasts, data showed.
French Finance Minister Bruno Le Maire blamed the pension protests, which began in December, for the slowdown which he said would be temporary, adding that the fundamentals for French economic growth were “solid”. Gross domestic product in the 19 countries sharing the euro rose 0.1% quarter-on-quarter for a 1.0% year-on-year gain, according to Eurostat, the European Union’s statistics office.‘EVEN MORE CHALLENGING’
The International Monetary Fund has forecast Italian growth of 0.5% for 2020 and said its economy would be the weakest in the European Union over the next few years. [L8N29Y2Z4]
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