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THE FRANCE GROWTH FUND REPORTS EARNINGS

 THE FRANCE GROWTH FUND REPORTS EARNINGS
 NEW YORK, Aug. 25 /PRNewswire/ -- The France Growth Fund, Inc.


(NYSE: FRF), a closed-end, diversified management investment company seeking long-term capital appreciation through investment primarily in French equity securities, today announced its results for the quarter and six months ended June 30, 1992.
 During the quarter ended June 30, 1992, the fund's net investment income was $718,158, equal to $0.06 per share. Net realized and unrealized gains were $9,294,702, equal to $0.81 per share.
 For the six months ended June 30, 1992, the fund's net investment income was $171,670, equal to $0.02 per share. Net realized and unrealized gains were $13,892,767 equal to $1.21 per share.
 As of June 30, 1992, total net assets of the fund were $137,821,592, and the net asset value per share was $11.98 based on 11,509,000 shares outstanding. The fund's net asset value per share increased for the quarter ended June 30, 1992 by 7.83 percent, from $11.11 for the quarter ended March 31, 1992. For the six months ended June 30, 1992, the net asset value per share increased by 11.44 percent from $10.75 on Dec. 31, 1991.
 As of June 30, 1992, cash accounted for only 2.4 percent of the portfolio, with 96.1 percent invested in French equities (including warrants and rights). 1.4 percent placed in French fixed-income securities and 0.1 percent in short-term instruments.
 As of June 30, 1992, the fund's 10 largest equity investments were in:
 -- Elf Aquitaine
 -- BSN
 -- Alcatel Alsthom
 -- Generale des Eaux
 -- Saint-Gobain
 -- LVMH
 -- L'Oreal
 -- Total
 -- Air Liquide
 -- Societe Generale
 The France Growth Fund, Inc. is traded on the New York Stock Exchange under the trading symbol FRF. The fund's investment adviser is Indosuez International Investment Services, a member of the Gartmore Indosuez Asset Management group.
 -0- 8/25/92
 /CONTACT: Frederick J. Schmidt, vice president and treasurer of the France Growth Fund, 212-408-5671/
 (FRF) CO: The France Growth Fund, Inc. ST: New York IN: FIN SU: ERN


LD-PS -- NY079 -- 3233 08/25/92 17:54 EDT
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Date:Aug 25, 1992
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