France may see slower growth due to “Yellow Vests” movement: Insee

19th December, 2018 11:12:22 printer

PARIS: France, eurozone's second biggest economy, would record slower growth this year as month-long blockades of the country's motorways and streets protests at the weekends during pre-Christmas shopping took a toll to domestic economy, Insee statistics institute forecast on Tuesday.

In its economic outlook, Insee lowered its estimate for the whole year's economic performance by two percentage points to 1.5 percent, reports Xinhua.

"Affected by the social movement of the "Yellow Vests," the quarterly growth was seen decelerating to 0.2 percent in the last three months of 2018 from a previous estimate of 0.4 percent.

Insee forecast the rate would then rise to 0.4 percent in the first quarter next year on expected recovery of consumer spending, before easing to 0.3 percent in the second three months of the year.