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French economy seen rebounding 19% in third quarter, 3% in fourth quarter

Europe Materials 8 July 2020 10:18
The French economy is set to rebound sharply in the second half of the year after an unprecedented slump in the first half due to a lockdown to contain the coronavirus
French economy seen rebounding 19% in third quarter, 3% in fourth quarter

The French economy is set to rebound sharply in the second half of the year after an unprecedented slump in the first half due to a lockdown to contain the coronavirus, the INSEE stats agency said on Wednesday, Trend reports with reference to Reuters.

The euro zone’s second-biggest economy likely contracted 17% in the second quarter from the previous three months, unchanged from a June forecast and already on the heels of a 5.3% slump in the first quarter, INSEE said.

The economy was set to rebound 19% in the third quarter and a further 3% in the fourth quarter, leaving the economy down about 9% over the full year, INSEE estimated.

The government put France under one of the strictest lockdowns in Europe in mid-March and began lifting restrictions on May 11.

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