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France revises 2012 growth forecast

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French President Nicolas Sarkozy said the country's growth projection would be reduced to one per cent in 2012 (AP)

French President Nicolas Sarkozy said the country's growth projection would be reduced to one per cent in 2012 (AP)

French President Nicolas Sarkozy said the country's growth projection would be reduced to one per cent in 2012 (AP)

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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