Reviving growth, cutting double digit budget gap and absorb millions of jobseekers in a period of a tough financial crisis are the first tests for Hollande, as he wants to deliver on campaign promises of economy recovery and tougher financial regulations.

In the first quarter, France posted zero growth due to stalled consumption and slowing exports.

To add insult to the injury, Banque de France on Friday estimated the country's growth to contract by 0.1 percent in the second quarter of the year.

Furthermore, the unemployment rate reached 9.6 percent in the first quarter of 2012, the highest level since 1999, with 2.746 million people entered the job market over the period.

"There was no good surprise. French economic activity is weak that's means less hopes to create dynamism in the labor market. Besides, I don't expect any improvement of the situation soon given the current economic and financial problems in the eurozone," Jean-Louis Mourier, an economist from Aurel BGC, told Xinhua.

Facing grim economic data, the second Socialist head of state in 17 years said he intended to change the direction of Europe's second biggest economy by adding pro-social measures, defying growing criticism over enlarging spending in a period of persistent financial turmoil.

He also insisted to stick to the current government's promises to reduce the deficit to 3 percent of gross domestic product (GDP) in 2013 and pledged to achieve a balanced budget four years later.

Some even doubt that such promises would be just on paper.

A recent Viavoice poll for the business daily Les Echos showed that 75 percent of businessmen were "not confident" in the health of the French economy for the coming months with two thirds had no confidence in the ability of Hollande to bolster growth.

"The latest set of dismal PMI figures for the French service sector, combined with similarly downbeat manufacturing survey data, strongly suggests that GDP will contract in the second quarter following stagnation in the first quarter," said Jack Kennedy, Senior Economist at Markit in a report.

On Wednesday, Laurence Parisot, president of the Medef employers' association, expressed worries over dramatically accelerated degradation of the French economy with falling companies' order books and weakened liquid assets.

"What is ... worrying is that the economic situation deteriorates. It degrades very quickly. There is an acceleration that worries us," Parisot told RTL radio.

Affirming a "lack of credibility for France about the public deficit," the new Socialist government said determined to meet growth and deficit targets despite challenging global financial status-quo.

"Yes, the economic situation is not good. The employment situation is not good, basically, that's why the French wanted to change the president (in the latest elections)," labor minister Michel Sapin told France Info radio.