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France is not falling into recession, Le Maire says

Reuters
·1-min read
La Rencontre des Entrepreneurs de France, La REF in Paris

PARIS (Reuters) - French Finance Minister Bruno Le Maire said on Wednesday that the economy was not facing recession after the government lowered its economic outlook for 2023.

Le Maire also told CNews television that 2022 economic growh was being revised up to 2.7% from 2.5%.

"France is not going into a recession. France is having a good 2022. We have revised up our growth estimate to 2.7% from 2.5%," Le Maire said.

The French government on Tuesday lowered the 2023 economic growth outlook to 1% from 1.4% previously.

Asked to comment on government plans to allow a rise in gas and power prices for households in 2023 amid soaring energy prices, Le Maire reiterated it was "legitimate" that French households absorb a "small part" of the increased costs.

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He would not confirm that the planned hike for gas prices could be as high as 15%, as speculated in media.

Prime Minister Elisabeth Borne will detail the government's energy policy at a news conference slated for 1330 GMT.

Current caps on power prices and a gas price freeze worth a combined 16.5 billion euros ($16.8 billion) are set to run out this winter.

(Reporting by Dominique Vidalon; Editing by Benoit Van Overstraeten and Andrew Cawthorne)