French central financial institution trims third-quarter progress outlook By Reuters

PARIS (Reuters) – France’s financial system seemingly grew by 0.25% within the third quarter in contrast with the earlier three months, the nation’s central financial institution mentioned in its month-to-month financial outlook on Monday, barely downgrading a earlier 0.3% forecast primarily resulting from poor industrial exercise.

“In an financial atmosphere marked by the power disaster and difficulties in provide and recruitment, exercise continues to be resilient total, however business is extra affected than different sectors”, mentioned the Financial institution of France.

Enterprise exercise within the nation’s struggling industrial sector was flat in September, whereas the providers sector grew additional, the financial institution mentioned in its outlook primarily based on a survey of enterprise leaders.

Because it had carried out final month, the central financial institution mentioned executives had reported increased uncertainty, primarily pushed by worries over power costs and energy availability.

First indicators are pointing in the direction of a slight total uptrend in October, the central financial institution added, although the dominant providers sector – the nation’s important financial driver – will seemingly increase extra slowly than in earlier months.

The nation’s INSEE statistics physique in a separate survey final week mentioned it anticipated 0.2% GDP progress for the third quarter and stagnation for the October-December interval.

France, the euro zone’s second-biggest financial system, achieved a 0.5% progress charge within the second quarter.