France's economy is in recession again - and that could spell more trouble for Europe.
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. A recession is defined as two consecutive quarters of negative growth.
News of the fall into recession comes on the first anniversary of President Francois Hollande's swearing in. During that year, Hollande has had to deal with mounting economic problems.
France's economy hasn't grown significantly in nearly two years and European data show it was last in recession at the beginning of 2012. Economists say its high unemployment rate of 10.6 percent is more proof that its economy is in trouble, according to the agency.
A recession in France, the eurozone's second-largest economy, is likely to exacerbate problems around the region since it is a major market for its neighbors, it added.
Slow growth is plaguing many European countries as they struggle to cut their spending and debts, and France's finance minister blamed his country's problems on the region.