Title: French economic growth figures to be revised
Jun 01, 2022 03:36AM ET
The French Finance Minister, Bruno Le Maire, said on Wednesday that the French government will present revised growth forecasts in early July, adding that he does not expect a recession.
According to current forecasts, the economy is expected to grow by 4% in 2022.
According to data released this week, the French economy unexpectedly contracted in the first quarter as consumers struggled with surging inflation, which hit a record high of 5.8% on an annualized basis in May.
Le Maire reiterated his view that inflation in France has reached a "peak" and will remain high for several months before gradually starting to decline.
He said it was the responsibility of the European Central Bank to take gradual measures to reduce inflation, adding: "Unless monetary policy is changed, we will not be able to bring inflation down to a more reasonable level of around 2%."
Inflation in the 19-nation Eurozone accelerated to 8.1% this month from 7.4% in April.