Growth stalled, France says it will deficit target for 3 more years

Economic IndicatorsAssociated Press

France's finance minister says the country will miss the European Union's deficit target for three more years and he is lowering growth projections for this year and next.

Finance Minister Michel Sapin said France's deficit would be around 4.3 percent of GDP in 2015 and would not dip under the 3 percent target for EU countries until 2017. He revised down the country's growth figures yet again to 0.4 percent this year and 1 percent for next year, down from initial projections of 1.7 percent.

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France's economic troubles mirror a broader lack of growth in Europe. Sapin said "an economic reality that concerns all of us" needed to be taken into consideration, although he said France was not requesting a change in the rules.