PARIS, Oct. 5 (Xinhua) -- French national statistics institute Insee late Thursday revised down its 2012 growth forecast for the country to 0.2 percent from a previous projection of 0.4 percent.
Due to dim performance of industrial activities and weakening consumption, the country's main growth engines, France was set to report zero growth over the third and fourth quarters of the year, compared to an initial forecast of 0.1 percent and 0.2 percent respectively, Insee said in report.
New data showed that the already struggling French economy would stagnate for the five consecutive quarter since the post-war period, adding more pressure on the socialist government to realize its promise of growth recovery in 2013.
Officials seek to expand growth by 0.8 percent in next year's budget. But economists considered the budget too ambitious in the face of the fragile economic activities and deteriorating business climate.
Quarterly growth of 0.3 percent would be needed in 2013 to achieve the 0.8-percent target, said Cedric Audenis, head of Insee's conjuncture division.
Last month, Prime Minister Jean-Marc Ayrault unveiled plans to save more than 30 billion euro (39 billion U.S. dollars) for 2013, the toughest adjustment in three decades, to trim budget gap to 3 percent of national wealth from expected 4.5 percent this year.