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France sees 2016 GDP growth at 1.2 pct: Insee

Xinhua, December 17, 2016 Adjust font size:

France is set to report 1.2 percent growth in its gross domestic product (GDP) in 2016, the national statistics bureau Insee has said in a report.

After a contraction in the second three months of 2016 and tepid rebound in the following quarter, French economy picked up by 0.4 percent in last quarter, pushing the growth rate to 1.2 for the whole year, down by one percentage point from a previous estimate.

In the report released late on Thursday, Insee revised forecast fell short of the government's growth target of 1.4 percent.

The lower-than-expected performance stemmed mainly from a significant fall in agriculture production,"hit hard by the exceptionally bad climate conditions," in addition to rolling strikes over labor reforms and a fall in tourism activities due to recent attacks, according to the report.

Looking to 2017, Insee expected GDP rate to accelerate by more than 1 percent in mid-year, while the unemployment rate will stand at 9.8 percent over the period, down from 10 percent in 2016. Endit