France INSEE said the country’s economy has likely contracted -17% in Q2 over the quarter, unchanged from June’s forecast. Looking ahead, the economy is expected to rebound by 19% in Q3, and a further 3% in Q4. By December economic activity would be around 1-6% below pre-coronavirus levels.

For 2020 as a whole, INSEE expected GDP to contract -9%, worst since record began in 1948. Nevertheless, that was already better than the government’s own estimate of -11% contraction.

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