French economy posts zero growth in Q1May 15, 2012 - 12:50 AMT PanARMENIAN.Net - France's economy did not grow in the first quarter of the year, raising concerns that the country could be headed towards a recession, Belfast Telegraph reported. But there was better news in Germany, where the economy grew by a stronger-than-expected 0.5% in the first three months of the year despite Europe's debt crisis. French GDP was stagnant from January to March, the national statistics agency Insee said. It also revised down growth in the fourth quarter of last year from 0.2% to 0.1%. Some analysts expect GDP to start contracting next quarter. The news came on the same day that president-elect Francois Hollande takes office, vowing to restore France's growth by investing in infrastructure and small businesses. But he has also promised to rein in the deficit - a task made harder by stagnating growth. Mr Hollande built his programme around an expectation of 0.5% GDP growth for the year. That is in line with the EU's forecast. In Germany, exports helped the economy bounce back from a slight fall in output of 0.2% in the fourth quarter of last year, the government statistics agency said. Germany remains a standout performer despite Europe's troubles with too much debt in several countries. Unemployment is low and exports of manufactured goods such as cars and machinery remain robust. Compared with the same quarter a year ago, Germany grew 1.7%. The European Commission expects the economy in the 17 countries that use the euro to shrink 0.3% this year. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |