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French economy stagnates

International

Paris - The French economy stagnated in the first quarter, registering 0-per-cent growth, the statistical agency INSEE said Friday in confirming figures released in May.

Analysts had expected the confirmed gross domestic product data, which reflects a decline from fourth quarter growth of 0.2 per cent.

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A French flag covers a plaque before its unveiling during the inauguration of a Gendarmerie in La Londe-les-Maures, Southern France, May 19, 2011. REUTERS/Philippe Wojazer (FRANCE - Tags: POLITICS)

INSEE attributed the slowdown to reduced consumer spending, but noted that initial data showed there might be an uptick in this segment for the second quarter.

The data, however, is likely to keep alive fears that the French economy is becoming one of the weaker performers in the eurozone. - Sapa-dpa

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