French Economy, Finance and Foreign Trade Minister Pierre Moscovici on Thursday said the French government was determined to meet its deficit target to restore the country's financial credibility, despite waning economic activities.

"France has made commitments to its partners to reduce its deficits... We will keep these commitments," the minister told the state-run TV channel France 2.

"I think we can quite achieve these objectives without austerity," he added.

Last week, France's central bank estimated that the country's economy would contract by 0.1 percent in the second quarter of this year, marginally lower than an initial forecast of zero growth, mounting more pressure on the socialist government to meet its financial commitments.

French President Francois Hollande promised he would stick to the deficit target of 4.5-percent of the country's gross domestic product (GDP) in 2012 as he was sworn in at the Elysee Palace in mid May. He also promised to achieve a balanced budget by 2017.