French economy is back in recession, spelling trouble for region

PARIS – France's economy is in recession again.

The national statistics agency, Insee, said Wednesday that gross domestic product fell 0.2 percent in the first quarter of the year. The agency also revised its data for the fourth quarter of last year, saying GDP fell 0.2 percent, up from a 0.3-percent retraction.

When GDP falls for two consecutive quarters, an economy is considered to be in recession. France's economy hasn't grown significantly in over a year and was last in recession at the beginning of 2012.

Slow growth is plaguing many European countries as they struggle to cut their spending and debts. A recession in France, the eurozone's second-largest economy, is likely to only exacerbate problems around the region.