Bank Of France Predicts France Will Avoid Recession In 2022

(CTN News) – There is no need to worry about a French recession at the end of 2022, according to the Bank of France forecast released on Thursday.

As predicted by the national bank of France, the French economy will grow by only an anemic 0.1% in the final four months of the year. This will keep the country from entering into recession, defined as two consecutive quarters of negative economic growth.

The French economy has been hard hit by high energy prices and the cost of living crisis. This led to a 0.2% decline in GDP in the third quarter of 2022. Over the course of the past year or two, several leading economies have taken a hit, with the picture across Europe being similarly bleak.

A country’s Gross Domestic Product, also known as GDP, is the total value of all the goods and services that are produced within its borders.

In a statement issued by the Bank of France, the figures were hailed as “good news”, as they showed the resilience of French businesses.

It has been reported that the French bank’s Director General of Statistics, Olivier Garnier, said that the services and construction sectors performed better than expected in November with an “increase in activity” in the sector.

In general, the level of activity at the end of the year has not decreased on a year-over-year basis.

The fourth quarter GDP is expected to grow by 0.1%, confirming the previous forecast of a “very slight increase,” which was based on preliminary data.

As Garnier continued, “it is true that it is still marred by uncertainty”, but “we have an activity that is exhibiting exceptionally good resistance, perhaps even a little better than expected.”.

What did the Bank of France do?

Napoleon Bonaparte created the Banque de France to foster economic recovery after the strong recession of the revolutionary period. This new institution was charged with issuing notes payable to bearer on sight, in return for discounting of trade bills.

When was the Bank of France created?

Banque de France, national bank of France, created in 1800 to restore confidence in the French banking system after the financial upheavals of the revolutionary period. Headquarters are in Paris.

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