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Financial News: France Economy To Recover Strongly In Q3: Insee

France Economy To Recover Strongly In Q3: Insee

07/08/2020 - 08:15:00 (RTTNews)

(RTTNews) - France's economy is expected to rebound in the third quarter from the unprecedented downturn caused by the coronavirus pandemic, the statistical office Insee said Wednesday.

Gross domestic product is forecast to contract 17 percent in the second quarter before expanding around 19 percent in the third quarter and 3 percent in the fourth quarter.

In the whole year of 2020, GDP is expected to fall 9 percent, the biggest contraction since 1948.

The Insee expects faster than anticipated containment of the virus, and relatively good rebound in household spending to result in relatively rapid recovery.

According to the Summer Forecast, released by the European Commission on Tuesday, France's GDP will shrink 10.6 percent this year. The economic recovery will remain on track in 2021, with GDP expanding 7.6 percent, EU said.

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