France raises 2012 GDP forecast, cuts 2013

PARIS: The French government on Thursday raised its 2012 growth estimate to 0.7 percent from 0.5 percent previously, but cut its 2013 outlook to 1.75 percent growth from 2.0 percent.

The statement came after national statistics agency INSEE had issued a report revising upwards its own forecasts for the first two quarters of the year.

"INSEE's new forecasts take growth up to +0.5 percent for the first half of 2012 alone. As a result the government's estimates have been updated to +0.7 percent for 2012 and 1.75 percent," the Finance Ministry said in a statement.