France revises its GDP growth forecast upwards: from +0,5% to +0,7%. According to the transalpine statistical institute (Insee), after the agreement on Greece and the massive intervention of the ECB in support of the banks, the worst of the crisis seems to be behind us.
Strengthened by the growth (surprisingly) in the last quarter of 2011, +0,2%, France limited the damage in the first months of the new year, with a growth in the gross domestic product which is estimated to be around zero, to then pick up again between now and the end of 2012.
All this despite some not at all comforting data, such as unemployment close to 10%, exports continue to decline, inflation is still high at 2,2% and the purchasing power of the French is at its lowest since 2008.
However, the forecasts released by Minister François Baroin seem slightly more optimistic than those of the IMF (+0,2%), the OECD (+0,3%), and the EU (+0,4%). As for 2013, however, Paris is more pessimistic and revises expectations downwards: +1,75% instead of +2% previously estimated.
