France Nears Recession
France Nears Recession (The Telegraph)
Markit’s purchasing managers’ index (PMI) estimate for December fell to 47 (below 50 signals contraction). This second successive monthly contraction raises fears of two successive quarters of Gross Domestic Product (GDP) decline, which is a recession. The Bank of France, however, is forecasting fourth quarter GDP growth of 0.5%, an upgrade from its previous estimate of 0.4%.