France expects economic slow-down by 20% in Q2

French gross domestic product in the second quarter of 2020 is forecast to drop by massive 20%, according to the country’s official INSEE statistics as reported by The Guardian.

INSEE stated 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, AFP and the Guardian reported.

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, the Guardian reported.