France to focus on spending cuts in 2014: Hollande

Reuters News

2/23/2013 9:02:29 AM - Reuters News

PARIS (Reuters) - France will focus on spending cuts to bring down its deficit to three percent of GDP in 2014 but is not planning extra austerity measures this year, French President Francois Hollande said on Saturday.

"It would be wrong to take measures that put another brake on consumption and investment," Hollande said at the annual farm show in Paris.

He also said that while his government's effort to reduce the state deficit had up to now mainly focused on increasing state revenues, the focus from 2014 would be more on reducing state spending.

(Reporting by Geert De Clercq; Editing by Sophie Walker)