The French economy, which is the second largest in the euro, entered recession for the first time in over 15 years in the third quarter, according to preliminary data of the National Institute of the Insee, reported Bloomberg.
According to preliminary data GDP ratio has svil with 0.1 percent in the third quarter after it reported a drop in second with 0.3 percent. In addition, the Insee expects the economy to fall 0.1 percent in the last fourth quarter, leading to a slowdown in growth throughout 2008 to 0.9 percent, which is the weak pace of 1993 here.

Global credit crisis threatens to slow further growth of the global economy. By Insee expects consumer spending to fuel growth in recent years to remain sluggish in the second half due to worsening market conditions of employment and real estate.

By Insee reported as a significant risk to the French economy as the credit crisis and volatile oil prices.

According to Insee forecasts economic growth of France will remain more backward than the euro for the third consecutive year.

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