From Bond Vigilantes
''Since the start of 2011 French economic growth has been extremely
disappointing, falling from an annual rate of nearly 2.5% to just 0.3%
in the second quarter of this year. Of course the whole Eurozone has
seen weakness over the period, but French growth has lagged that of the
“core” over the period. German GDP growth was at or above 2% for all
but the last two quarters, and now stands at 1%. Purchasing Managers’
surveys for September show more divergence, with more falls in French
manufacturing and services, whilst the German surveys strengthened.''
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