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August 21, 1993|From Times Staff and Wire Reports

French Economy Shrank 0.7% in 1st Quarter: The national statistics institute INSEE revised its initial estimate to show an even deeper recession. INSEE had said in July that gross domestic product fell 0.5% in the first quarter of 1993. The confirmation that France was mired in recession helped fuel the run on the franc that led to its virtual float Aug. 2. The revision of the figures shows trade slowed much more significantly than first believed. Imports fell a revised 6.3% in the first quarter, compared to the 0.5% decline announced in July. Exports fell a revised 4.7%, compared to a 0.3% drop.

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