France's Hollande says economic recovery has begun

President Francois Hollande said on Sunday that recovery had started in France's struggling economy, which entered a recession this year and has record-high unemployment.

"The economic recovery is here," he said during a Bastille Day interview with top television channels, adding that industrial production had picked up and there had been a slight recovery in consumption.

With France struggling to get its deficit under control, Hollande could not rule out tax increases to help balance the budget.

"I will increase taxes only if necessary, ideally as little as possible," he said.