FRENCH INSTITUTE PESSIMISTIC ON 1987 GROWTH French gross domestic product will grow by only 1.5 pct in real terms this year, compared with the government's forecast of two to 2.5 pct growth, the private Institut des Previsions Economiques et Financieres pour le Developpement des Entreprises (IPECODE) said. However, it expects growth to recover next year to the 1986 level of two pct. IPECODE said demand and production would develop in parallel this year, in contrast to last year when production was unable to keep pace with the strong rise in domestic demand, unleashing higher import demand. Claims on the International Monetary Fund (IMF) rose by 298 mln francs to 19.61 billion francs, due to net withdrawals in francs by member nations, and an increase in reserves of Special Drawing Rights (SDRs) due mainly to the repayment of French debts. Its deficit with the European Monetary Cooperation Fund (FECOM) remained unchanged in February at 33.90 billion francs. French household consumption, which rose by 3.1 pct last year, is likely to grow by just 1.1 pct this year and 1.5 pct in 1988, it added. Industrial investment is expected to rise by 4.3 pct this year and 5.5 pct in 1988, down from 6.5 pct in 1986. Inflation, which was running at 2.1 pct at the end of 1986, is likely to rise to 2.9 pct at the end of this year, IPECODE said, while the government has forecast 2.5 pct. However, the institute said inflation would fall back to 2.5 pct at the end of 1988, "provided that real wage costs remain within the framework of productivity rises."