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"Yellow Vest" protests to cost 0.1 pct of France's growth for final quarter: minister
Last Updated: 2018-12-11 07:30 | Xinhua
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Violent protests in France over the last month is estimated to cost 0.1 percent of the country's economic growth for the final quarter, Finance Minister Bruno Le Maire said on Monday.

"I think the current events should make us lose 0.1 percentage points of the growth of our national economy in last quarter," Le Maire told French radio RTL.

However, the minister said he would not yet revise down the figures for annual growth, which is expected to be 1.7 percent this year.

In its economic report released earlier in the day, the country's central bank Bank of France slashed growth projection to 0.2 percent in last three months of the year from a previous forecast of 0.4 percent.

It attributed the deceleration to slowing services activities including transport and tourism "as a result of the current movement."

"That's is not good for France's image and attractiveness. What's important is to put an end to this crisis and restore peace and concord between the French," said the minister.

On Saturday, 125,000 people angry at high living costs and poor revenue, took to the streets across the country, blocking motorways and access to shopping centres during Christmas shopping season.

Paris, the country's top tourist destination, had been in lockdown for the fourth weekend in a row, when rioters vandalized shops and restaurants.

Observers fear that the protests would hurt French economy and keep foreign investors away, especially at a time the government is struggling to inject dynamism into a slowing economy.

President Emmanuel Macron will address the nation Monday afternoon with "important announcements" expecting to abate public anger.

"Our country is deeply divided, between those who see that globalization has benefited them and others who can't make ends meet, who say globalization is not an opportunity but a threat," Le Maire said.

"It is the president's role to unify the country," he added.

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"Yellow Vest" protests to cost 0.1 pct of France's growth for final quarter: minister
Source:Xinhua | 2018-12-11 07:30
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