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France revises 2012 growth forecast

France has again revised down its growth projection for next year, saying it expects only a 1% increase in GDP.

Worsening global economic conditions have already forced France to cut its forecasts this summer. But President Nicolas Sarkozy promised during a television interview that it would meet its target of 1.75% growth for this year.

Next year, however, the target of 1.75% will be reduced to 1%.

Despite the revision, Mr Sarkozy vowed that France would meet its deficit target.

That means the country needs to cut 6 billion euro (£5.2 billion) to 8 billion euro (£7 billion) from next year's budget.

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From Belfast Telegraph