France Posts 3 % Growth Gross Domestic Product, Exiting Recession, According to INSEE

France exits economic recession: authorities

2009-08-13 23:50:27

PARIS, Aug. 13 (Xinhua) --

France posted a growth of 0.3 percent in gross domestic product in the second quarter of this year, showing a sign that the economy was exiting the recession, the National Statistic Office INSEE reported on Thursday.

The INSEE said that the rebound was partly due to the reduction of the foreign trade balance in the quarter.

Economy Minister Christine Lagarde welcomed the rebound, describing the rise as "extremely surprising" figures.

"After four quarters of negative growth, France is finally coming out of red," Lagarde said Thursday on RTL radio.

"We have come back to positive growth," she added.

According to the INSEE, in the second quarter, exports grew 1.0percent while imports declined 2.3 percent. Households consumption grew 0.4 percent, and production increased 0.5 percent.

France had been in recession for 18 months, and its economy contracted by 1.2 percent in the first quarter this year. The government has expected an economic recovery in 2010.

Besides France, Germany also achieved a growth of 0.3 percent in the second quarter. However, figures from other countries in Europe showed many countries still in the recession. The economy of 16-nation eurozone contracted by 0.1 percent in the second quarter.

Editor: Yan

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