According to the country’s official INSEE statistics as reported by The Guardian, French gross domestic product in the second quarter of 2020 is forecasted to drop by massive 20%,.
INSEE mentioned that “the French economy was running at roughly four-fifths of its pre-crisis level compared with two-thirds during the lockdown period”.
The official statisticians also said activity was resuming prudently after lockdown measures were eased on May 11, and that consumer spending was growing again.
Meanwhile, consumer confidence decreased a bit further from the sharp drop registered in April when lockdown measures were in force the entire month. In May, the French official statistics body’s confidence index fell by two points to stand at 93 points in May, after dropping by eight points the previous month. The index is calculated so that 100 is the long-term average.
French gross domestic product in the second quarter of 2020 is forecasted to drop by massive 20%, according to the country’s official INSEE statistics.