French Economic Growth at 0.3% in Q2, says BOF

The French economy is projected to expand by 0.3 percent during the period of April-June, this showed unchanged growth pace in the first quarter, according to the initial estimate of the Bank of France on Monday.

The central bank’s business sentiment indicators for both services industry and manufacturing sector had declined by 102 points in the previous month versus 103 points in March. In April, the BOF revised lower its economic growth forecast in Q1 from 0.4 to 0.3 percent due to lackluster activity in the manufacturing industry.

The country’s data reflects a larger reduction in the European economy, as ECB Executive Board member Benoit Coeure mentioned last month that the eurozone is expected to suffer from major correction instead of a downturn as growth rates hold out its multi-year highs.