INSEE confirms forecast of a 9% drop in GDP in 2020

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FILE PHOTO: A metro passes in front of the Bercy Ministry of Finance in Paris, France, September 3, 2020. REUTERS / Charles Platiau

PARIS (Reuters) – The French official statistics agency INSEE on Tuesday confirmed a forecast of a 9% drop in gross domestic product (GDP) in 2020 due to the coronavirus pandemic.

French economic activity is expected to operate at 95% of its pre-epidemic level in the third quarter and 96% of its pre-epidemic level in the fourth, added INSEE.

Economic activity reached 81% of pre-epidemic levels in the second quarter, the data showed.

INSEE also reported that employment fell 0.9% in the second quarter after falling -2% in the first quarter.

Report by Benoit van Overstraeten and Matthieu Protard; Editing by Clarence Fernandez and Louise Heavens

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