Hollande pledges growth adjustment within days

2013-02-12 19:39:40 GMT2013-02-13 03:39:40(Beijing Time)  Xinhua English

PARIS, Feb. 12 (Xinhua) -- French President Francois Hollande on Tuesday said he would revise down the country's growth target of 0.8 percent shortly after an audit cautioned that the government could not count on an economic rebound to meet its financial promises.

"In France, we have a principle of truth, which means to set growth targets based on what we believe to be a predictable economic reality. Every time we adjust our growth objectives when we have these confirmations," Hollande said.

In a joint press meeting with Jean-Claude Juncker, Luxembourg's Prime Minister and former president of the Euro group, Hollande unveiled that "if necessary" an adjustment of growth forecast could be expected in the "next few days" because "it is useless to maintain objectives that can not be achieved."

Earlier on Tuesday, the French audit office said the Socialist government was unlikely to meet its deficit target set at 3 percent, blaming the economic slowdown.

The audit also asked for tough action to tighten public spending via "necessary measures to be taken quickly and to be precisely documented" in a bid to meet financial commitments.

In 2013, the Socialists expected a bounceback in the economy via measures worth 37 billion euros (49.74 billion U.S. dollars).

Their aim was to grow GDP by 0.8 percent from an expected 0.3 percent in 2012 and to lower the public deficit by 1.5 percentage points to 3 percent this year.

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