Bank of France Governor Moulin said on the 11th that the French economy is not facing a catastrophic crisis, but the government needs to work on reducing the fiscal deficit. His remarks followed the national statistics agency's downward revision of its outlook for the French economy on the 10th, which forecast growth of just 0.4% this year; Moulin cited factors including a deadly heatwave and problems at European aviation giant Airbus. Speaking on RTL radio, Moulin said, "I wouldn't say we are in crisis, but the situation is worrying and unsatisfactory," adding, "We need to reduce the fiscal deficit." At the same time, he stressed that "not everything is catastrophic," noting that energy is cheap, the economy is diversified, and industry is picking up in promising sectors such as data centers, defense, and aerospace.
Airbus Group SEMoulin cited problems at Airbus as a factor weighing on France's downgraded growth outlook.
