France's economy could contract by around 20% in the second quarter as lockdown measures meant to slow the spread of the coronavirus slashed activity, the national statistics agency INSEE said today.
It said that the French economy was currently running "at roughly four-fifths of its pre-crisis level" compared to two-thirds during the lockdown period.
INSEE also said activity was resuming "prudently" after lockdown measures were eased on May 11, and that consumer spending was rebounding.
Nevertheless consumer confidence slid a bit further from the sharp drop registered in April when lockdown measures were in force the entire month.