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.
FILE PHOTO: People wearing protective face masks walk at the financial and business district of La Defense near Paris as France begun a gradual end to a nationwide lockdown due to the coronavirus disease , May 11, 2020. REUTERS/Gonzalo Fuentes
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. INSEE estimated that France’s economic activity was running at 21% below normal levels after the lockdown in place from mid-March was lifted on May 11. Activity was down 33% in early May.
A monthly survey from INSEE showed consumer confidence continued to weaken in May, falling to its lowest level since January 2019 when the country was in the grip of anti-government protests.
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