French GDP could shrink 20% in 2Q


FILE PHOTO: Volunteers of the French Red Cross patrol during a lockdown imposed to slow the rate of the coronavirus disease (COVID-19) in Paris, France, April 28, 2020. REUTERS/Charles Platiau

PARIS: France's economy is on course to contract 20% in the second quarter from the previous three months as the country emerges from a nationwide coronavirus lockdown, the INSEE official statistics agency estimated on Wednesday.

That would mark a sharp deterioration in France's recession after the euro zone's second-biggest economy contracted 5.8% in the first quarter.

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France , Covid-19 , lockdown , consumer confidence

   

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