December 4, 2008

Sarkozy unveils $33 billion stimulus

French President Nicolas Sarkozy Thursday unveiled a $33 billion economic stimulus plan aimed at jump starting France's economy.

The stimulus measures include support for the construction and car industries as well as for small businesses, The Financial Times reported.

Sarkozy said the stimulus package would make a massive effort on investment rather than boost consumption.

The French government said the stimulus package would add 0.6 percentage points to its gross domestic product in 2009. The package will push France's deficit to 3.9 of its GDP, the newspaper reported.