French economy submerged during the first quarter of 2013, according to data announced today. This was second quarter in a row of Gross Domestic Product (GDP) shrinkage, as the second largest economy in the Euro-zone contracted by 0.2% during Q4 of 2012. Todays data confirmed that French GDP reduced its value by another 0.2% during Q1, which could be a sign of continuing struggle of the French government with rising Unemployment Rate and challenges in the public finance sector. Since the beginning of the global crisis in 2008 France has managed to slip the recession, compared to the problems other Euro-zone members encountered.
Reports also stated, that French GDP has reduced by 0.4% during Q1 2013, compared to Q1 2012. Expertss forecasts point a 0.2% shrinkage during 2013.
EUR/USD was trading near its lowest value on the day at 1.2848. EUR/GBP, in addition, was trading at 0.8466.
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