French Economy To Bounce Back As Lockdown Lifted

0
72

France’s economy, which like those of other countries was pushed into a bruising recession by the coronavirus, will bounce back now that lockdown measures are lifted but will still contract over the year as a whole, official data showed Tuesday.

France’s gross domestic product, which had shrunk by a record 13.8 percent in the second quarter, is forecast to grow by 17 percent in the subsequent three months, the national statistics office Insee calculated.

Nevertheless, the rebound was not quite as strong as expected and Insee said it was sticking to its forecast for an overall economic contraction of 9.0 percent for the year as a whole.

RELATED NEWS:French aid workers among eight killed by gunmen in Niger

If the easing of lockdown measures “has enabled a relatively rapid rebound in parts of economic activity,” the economy is returning after the summer break “rather like an engine that is being cranked up and choked at the same time,” Insee said.

READ ALSO:French aid workers among eight killed by gunmen in Niger

While activity in key areas such as air transport and culture and entertainment continued to be throttled by the coronavirus restrictions, some sectors were still benefitting from the emergency economic measures put in place by the government, the statisticians said.

Insee pointed to the risk of a “significant shock to demand”, with consumer spending and household confidence expected to remain below pre-crisis levels.

Watch Leakblast TV channel from around the world

As a result, the economic rebound will be “less rapid” between now and the end of the year, the agency predicted.

Thanks for Reading via the most updated news portal

About Leakblast.com

Share your story with us

Advertise With us

Encourage & Support LeakBlast

Feel free to contact us

Call Us:+234(0)9073726403
Get us on Whatsapp: +234(0)8181166425      
Email Us: editors@leakblast.com

SUPPORT LEAKBLAST JOURNALISM OF INTEGRITY AND CREDIBILITY

Good  journalism costs a lot of money.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble Endeavor.

By contributing to LeakBlast, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Support LeakBlast

LEAVE A REPLY

Please enter your comment!
Please enter your name here