France GDP contracted -13.8% qoq in Q2, better than expectation of -15.2% qoq. Over the year, it’s -19.0% yoy lower than in Q2 2019. INSEE said the negative developments in first half of the year is linked to the shut down of “non-essential”activities between mid-March and beginning of May. “The gradual ending of restrictions led to a gradual recovery of economic activity in May and June, after the low point reached in April. ”

Looking at some details, household consumption expenditure dropped -11.0% qoq, total gross fixed capital formation dropped -17.8% qoq, general government expenditure dropped -8.0% qoq. Exports dropped -25.5% qoq while Imports dropped -17.5% qoq.

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Also released, CPI rose 0.4% mom 0.9% yoy in July, above expectation of 0.0% mom, 0.2% yoy.


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