12 February 2004, 10:42  BoF French Q1 GDP +0.5%, business index dips

PARIS, Feb 12 - The French central bank cut its growth forecast for the first quarter of 2004 to 0.5 percent in a business survey published on Thursday from 0.7 percent previously predicted. The Bank of France also said its business climate index fell to 99 in January from 101 in December and that business heads in the euro zone's second largest economy saw output rising in all sectors. The survey results were issued minutes ahead of the 0745 GMT release of GDP data for the fourth quarter of 2003 by statistics office INSEE, with economists predicting a 0.6 percent increase in the fourth quarter of last year. French government spokesman Jean-Francois Cope told French radio that GDP in the last quarter of 2003 was 0.5 percent. In mid-January, the central bank had predicted a 0.6 percent rise in gross domestic product in the fourth quarter of 2003 and a rise of 0.7 percent in the first quarter of 2004.//

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