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French Economy Will Shrink By 20% – Statistics Office

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President Emmanuel Macron

France’s economy is set to shrink by roughly 20% in the second quarter as a result of the country’s tough lockdown measures, the statistics office Insee said.

It contracted by nearly 6% in the first quarter, according to Insee.

Economic activity was functioning at 21% below usual levels after the easing of the lockdown, which was in place from mid-March to early May, it added.

But consumer spending improved to 6% below normal levels after shops were allowed to reopen after nearly two months. Earlier in May it was 33% below normal levels.

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If activity were to rebound to pre-crisis levels by July, Insee said that France’s economy could contract 8% for the whole of 2020.

Credit: BBC

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