Oil price set to cut French economic growth by 0.5 %

Oct 15, 2004 02:00 AM

French Transport minister Gilles de Robien warned the current high price of oil could strip 0.5 percentage points from France's economic growth. If the price of oil remained at current high levels, the government might need to revise its 2005 forecast of 2.5 % gross domestic product growth, he said.
"We can expect, if this increase in oil (prices) lasts, and it does risk doing so, weaker growth than what we had predicted for 2005," de Robien told. "If it carries on like that, the rise in oil (prices) affects growth and we could lose a half point of growth."

World oil prices were hovering close to record high points approaching $ 55 a barrel as traders fretted about low inventories of US heating fuel heading into winter in the northern hemisphere.

Source: AFP
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