French economy grows 0.9 per cent in 2023, stagnant in second half

Paris: The French economy grew 0.9 per cent in 2023 but stagnated in the last two quarters of the year, official data showed on Tuesday.

The annual growth figure in the euro zone’s second biggest economy was just under the government’s forecast of one per cent and down from 2.5 per cent in 2022. France recorded zero growth most of the year except in the second quarter when the economy expanded by 0.7 per cent, according to the INSEE statistics agency.

Growth of household consumption, a key driver of the economy, slowed to 0.7 per cent overall in 2023, falling slightly in the last three months of the year. France, however, has performed better than Germany, the euro zone’s biggest economy, which is expected to be in recession in 2023 and 2024. — AFP