French downturn easing after two-month lockdown knocked 6% off GDP

Issued on: 12/05/2020 – 10:15Modified: 12/05/2020 – 10:15

Frances economic downturn is easing as the country emerges from a lockdown imposed in mid-March, although activity remains mired at levels far below normal, the central bank said on Tuesday.

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The euro zones second-biggest economy was operating 27% below normal levels in April after 32% in the second half of March, the Bank of France said, basing its estimates on responses from its monthly business climate survey.

"The ambition we could have for the end of May is to recover another 10 points," Bank of France Governor François Villeroy de Galhau said on France Inter radio.

France began unwinding its strict lockdown on Monday, allowing non-essential shops, factories and other businesses to reopen for the first time in eight weeks.

The central bank said manufacturing activity remained down 37% last month, but was nonetheless better than the 48% seen in March, while private sector servicRead More – Source

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