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French economy just avoids recession
The French economy shrank by 0.2% during the first quarter of the year and experienced zero growth in the second quarter, narrowly avoiding a recession despite significant difficulty. Agricultural production declined due to intense heatwaves, while service sector price effects contributed to this contraction. There are expectations that pressures on the agricultural harvest will continue into the third quarter, reducing the chances of achieving the targeted growth rate of 0.7% for this year. High borrowing costs and rising inflation have increased financial pressures, with concerns about the inability to reduce the fiscal deficit to 5% of GDP. This comes amid political unrest and government confidence that it will meet its financial projections as the budget is set to be released at the end of September.
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