INSEE weighs in with their assessment of French economic activity
- Economic activity ran at 81% of pre-virus levels in Q2
- Economic activity seen at 95% of pre-virus levels in Q3
- Economic activity seen at 96% of pre-virus levels in Q4
- Confirms previous forecast of a 9% decline in French GDP this year
That puts a bit of perspective to the recovery in the economy, but 95% is certainly rather stunning considering the fact that international travel – at least outside of Europe – is very much dead and the French economy isn’t able to benefit from that as well.
Of course, these are just estimates so we’ll see in time how the recovery progresses but amid labour market concerns as well, it may not play out too smoothly.