by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
Les Echo discusses the Alarming Failure of French Economy.
GDP for the second quarter will be released Thursday, and it does not look good. Industrial production declined in the second quarter, foreshadowing very low GDP growth. It’s a moment of truth for the government. It will need to revise its deficit forecasts.
All major industry sectors experienced a decline in their production. And building continues to dive. Housing starts are at their lowest for fifteen years, a shortfall of 0.4 percent of GDP this year.
Consumer spending has held up, the French having spent an additional 1% between April and June than in the previous three months. This is the only pleasant surprise since the beginning of the year. But it is due to heating costs, which rose in the spring following a mild winter.
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