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| Version 1 | Version 2 |
|---|---|
| French economy contracts by 0.1% | French economy contracts by 0.1% |
| (about 1 hour later) | |
| The French economy contracted in the third quarter of the year and the German economy slowed, figures show. | |
| France's economy contracted by 0.1% in the July-to-September period, compared with growth of 0.5% in the previous three months. | France's economy contracted by 0.1% in the July-to-September period, compared with growth of 0.5% in the previous three months. |
| Germany's economy grew by 0.3% in the quarter, down from a rate of 0.7% seen in the previous three months. | Germany's economy grew by 0.3% in the quarter, down from a rate of 0.7% seen in the previous three months. |
| Figures from Italy showed its economy shrank by 0.1%, after a 0.3% contraction in the second quarter. | |
| Growth figures for the eurozone as a whole will be released later. | Growth figures for the eurozone as a whole will be released later. |
| Weak exports | Weak exports |
| When France's economy grew by 0.5% in the second quarter of the year, it pulled the country out of recession, although economists had not expected that level of growth to be sustained. | When France's economy grew by 0.5% in the second quarter of the year, it pulled the country out of recession, although economists had not expected that level of growth to be sustained. |
| Figures from the national statistics agency Insee showed that exports dropped by 1.5% in the third quarter, while business investment fell by 0.6%. | Figures from the national statistics agency Insee showed that exports dropped by 1.5% in the third quarter, while business investment fell by 0.6%. |
| However, France's Finance Minister, Pierre Moscovici, said he still believed the economy would grow by 0.1-0.2% over 2013 as a whole. | However, France's Finance Minister, Pierre Moscovici, said he still believed the economy would grow by 0.1-0.2% over 2013 as a whole. |
| "The productive forces are starting up again, production is recovering," Mr Moscovici told French radio. | "The productive forces are starting up again, production is recovering," Mr Moscovici told French radio. |
| "We knew the third quarter would mark a pause, it's not a surprise, it's not an indicator of decline, it's not a recession." | "We knew the third quarter would mark a pause, it's not a surprise, it's not an indicator of decline, it's not a recession." |
| Germany's statistics office Destatis also cited weak exports as a factor holding back growth. | Germany's statistics office Destatis also cited weak exports as a factor holding back growth. |
| "The positive impulses in the third quarter came exclusively from within Germany," Destatis said. | "The positive impulses in the third quarter came exclusively from within Germany," Destatis said. |
| "Private household and public spending were somewhat higher than in the preceding quarter. And investment in equipment and construction also increased compared with the second quarter. | "Private household and public spending were somewhat higher than in the preceding quarter. And investment in equipment and construction also increased compared with the second quarter. |
| "By contrast, the trade balance put a brake on GDP growth. While imports continued to rise, exports showed little momentum compared with the preceding quarter," it said. | "By contrast, the trade balance put a brake on GDP growth. While imports continued to rise, exports showed little momentum compared with the preceding quarter," it said. |