Friday, January 16, 2009

Growth Revised Downward


When Christine Lagarde boasted a while ago that France was doing better than its neighbors because its economy was estimated to have shrunk only 0.7% in the 4th quarter of 2008, I said that it was only a matter of time before the estimate would be revised downward. Now it has been, by 0.4 points, to -1.1%. Growth for 2008 overall now stands at just 0.7%. And there is worse to come, as the adjacent graph of industrial capacity utilization shows.

2 comments:

Leo said...

Art,
Although this is not likely to have a material impact on French growth,
maybe you should comment on this major Franco-American issue:

http://www.time.com/time/world/article/0,8599,1872241,00.html

Unknown said...

Leo,
I beat you to the punch. Already done.