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France warned lack of reforms hindering economic growth

The Eurozone economy barely grew in the third quarter -- Q3, 2013, renewing concerns about stagnation, the threat of deflation and long-term high unemployment. France and Italy contracted (both at -0.1%) while growth in Europe's largest economy, Germany, was at 0.3%. In France, days after Standard & Poor's cut its rating on French public debt for the second time in the past two years and President François Hollande was booed by protestors at the Armistice Day ceremony commemorating the 99th anniversary of the end of the First World War, a report warns that France’s high minimum labour costs (about 80% above the average of the 34 mainly developed country members of the OECD), public services costing over 27% of GDP (gross domestic product), taxation of employment at 50% of wage costs and overlapping «millefeuille » of central and local government units including 36,700 municipalities, are among the factors holding back French competitiveness.
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