France's central bank revises up Q3 growth estimate
2013-09-09 17:43:35
France's central bank, Banque de France (BdF) on Monday estimated a slight improvement in third-quarter growth to 0.2 percent from a previous forecast of 0.1 percent on boosted economic activities.
"August saw another slight rise in industrial production in most sectors, notably in electrical and electronic equipment, chemicals and pharmaceuticals," the bank said in a monthly report, adding that deliveries increased to "appropriate levels" and order books no longer shrinking.
However, the capacity utilization rate stood at 74.1 percent, down from 75.8 percent in July, according to the bank.
At the end of August, the business sentiment indicator in industry rose to 97 points compared to 95 points reported a month earlier, the highest index since September 2011 while services gained two points to 93.
The fresh rosy economic figure is likely to mark a turnaround for the ruling Socialists, who have already been under fire over their inability to fulfil their promises of higher wealth and more jobs.
They want to expand the gross domestic product (GDP) by 0.1 percent this year in efforts to squeeze public spending and breathe life into the sluggish competitiveness of domestic companies.