france accelerates release of stimulus funding boosting economy
News Posted On: 26 August 2009
France had injected 18.2Billion Euros into its economy at the end of July, some 65% of its proposed economic stimulus package. The injection of the funds has accelerated massively since June, when only 25% of the stimulus had been released into the economy.
"We have injected at the end of July, EUR 18.2 billion into the economy, 65 percent of the sums provided for in the stimulus. This is a sharp acceleration since early June, we were up to 25 percent," said Patrick Devedjian the French minister in charge of implementing the plan.
"This is particularly linked to the degree of compensation of part of the burden of VAT paid by local governments," the minister noted, adding that the state has actually paid EUR 3.7 billion "instead of the EUR 2.5 billion expected."
The French minster also said that 75% of the stimulus would have been released by the end of the year, and that the combined funds would save 250,000 jobs.
Europe rejoiced in the fact that France and Germany, two of its biggest economies were shown to have grown economically in the second quarter. With this now being revealed it is highly likely that the economy will also be shown to have grown in the current quarter, when figures are revealed later this year.
There have been some positive reports about the French property market as well lately, with some reporting prices holding firm on the Riviera and other popular locations. Though these come after reports earlier in the year that said the Riviera's property market had been badly hamstrung by the disappearance of British buyers, and the markets which had replaced them as Eastern Europe felt the bite.
However, now that things are starting to recover around the world, with prime property markets the first to benefit. It is a safe bet that the Riviera is and will benefit from this.
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