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French industries plan to spend 21% less than in 2008, Insee said in its quarterly survey carried out in July, which compares with an 18% cut forecast in April. In 2008, investment in the manufacturing sector grew a meager 1%, Insee said. "Industry is only a part of overall business investment, but this is the most volatile part, so a reliable indicator of where total investment goes," said Dominique Barbet, an economist at BNP Paribas. Industrial investment represents roughly a third of total investment in the economy. Due to the government stimulus plan and to household consumption holding up, the country's gross domestic product unexpectedly rose by a quarterly 0.3% in the three months to the end of June, but economists noted the pick up would be weak at best. The 21% fall forecast for this year compares with a then record 18% decline reported in April 1994 for the year before. Investment in intermediate goods producing industries is likely to fall by 33% this year, while the car industry is planning to cut its expenditure by 18%, Insee said. -By Gabriele Parussini, Dow Jones Newswires; +33-1-4017-1740; gabriele.parussini@dowjones.com. (END) Dow Jones Newswires 08-28-09 0516ET For full details for IIIH click here.
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