France Announces €10 Billion in Budget Cuts Due to Slowing Growth

• France cutting government spending by €10 billion due to slower economic growth forecasts • Spending cuts needed to lower budget deficit to 4.4% of GDP to comply with EU rules • France revising 2023 economic growth forecast down from 1.4% to 1% due to war, high interest rates, slowdowns in trade partners • Belt-tightening mirrors tepid European recovery compared to stronger US consumer spending • Areas of cuts include environmental subsidies and education, adding to €16 billion in previous cuts