French Economic Growth Set to Accelerate

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French Finance Minister Michel Sapin on Wednesday said economic growth will accelerate in 2016 and the government will meet its pledges to reduce the budget deficit.

Presenting forecasts that will ground next year’s budget, Mr. Sapin said sustained growth in consumer spending and a marked acceleration of business investment because of tax cuts will push economic growth up to 1.5% in 2016 after 1% this year.

Stronger growth will help the Socialist government meet its pledge to cut the budget deficit to 3.3% in 2016 and below 3% in 2017 from an expected 3.8% this year, Mr. Sapin said.

Public debt will stabilize in 2016 below 100% of annual economic output, he added.

“It’s clear we will meet our commitments,” he concluded.

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