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France Officially Slips Into Recession

The French economy has recently entered a recession period - according to official data from the National Institute of Statistics and Economic Studies (INSEE).

According to official data, the French GDP fell by 0.2 % in the first quarter of 2013. This occured mainly due to weaker export, a decrease of investments and weakening domestic consumption.
This is what we call technical recession (the reduction of the GDP in two consecutive quarters).

Investments decreased with 1 %, export diminished by 0.4 % and domestic consumption has shrunk by 0.1 % during the mentioned period.

Severe socio-economic crises are emerging in the EU. The PIGS countries were among the first to get strongly hit and now France seems to be the next - considering the dimension of the French economy, it could have a tremendous impact on the euro, if a major crisis breaks out there.

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