The decline in France’s gross domestic product (GDP) would only reach 9% in 2020, announced INSEE on Wednesday. An economic rebound is expected in the third quarter.
It was well known that the French economy has been severely affected by the coronavirus epidemic. France is going to lose 800,000 jobs.
The GDP had contracted by 5.3% in the first quarter and then by 17% in the second quarter. The National Institute of Statistics specifies that the GDP should rebound by 19% in the third quarter and then by 3% in the fourth quarter.
According to INSEE’s report, “production prospects are recovering very clearly.” The institute warns that its estimates are subject “to a lot of uncertainties, primarily related to the health situation in France and worldwide.”
The European Commission announced yesterday that the eurozone’s GDP is expected to fall by 8.7% in 2020, before rebounding in 2021 (+6.1%).
