French govt says growth revised downward due to protests

PARIS – France’s finance minister has revised the country’s growth forecast this year to 1.4 per cent, down from the previous 1.7 per cent, partly attributing the new estimate to the yellow vest protests.

Speaking Tuesday at the Senate, Bruno Le Maire said the overall cost of damage linked to the four-month anti-government movement is estimated at 200 million euros ($227 million).

Le Maire said France’s revised growth is still higher than government forecasts in neighbouring Germany (0.8 per cent) and Italy (1 per cent). He stressed that the French unemployment rate is decreasing, falling to 8.8 per cent at the end of last year, its lowest in 10 years.

The yellow vest movement started in November to protest against French President Emmanuel Macron’s economic policies, seen as favouring the rich.