The decline in gross domestic product (GDP) in France would reach only 9% in 2020, according to a note of conjuncture published by INSEE on Wednesday. GDP contracted 5.3% in the first quarter and then 17% in the second quarter due to the coronavirus pandemic.
If for the Banque de France the economy should recover faster than expected, the National Institute of Statistics specifies that the GDP should rebound by 19% in the third quarter then by 3% in the fourth.
"The production outlook is recovering very clearly"
According to the INSEE note, "the production outlook is recovering very clearly". The institute warns that its estimates are subject to "many uncertainties, linked above all to the health situation in France and in the world. "
While the government expects an 11% collapse, the European Commission announced yesterday that the GDP of the euro zone should fall by 8.7% in 2020, before rebounding in 2021 (+ 6.1%), more pessimistic than when it was last forecast in early May.
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