The French national statistics office INSEE, in its’ latest monthly report, says the country’s economy would probably contract 1.5% quarter on quarter between January and March after shrinking 1.2% in the final three months of 2008.
INSEE’s Q-1 projection is far worse than the 0.4% contraction seen for the period when INSEE published its previous economic outlook in December. It’s not unexpected though, having been leaked in Le Figaro yesterday.
