Economy France should see its GDP cut by 12% in...

France should see its GDP cut by 12% in November

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648x415 fermeture restauration commerce non alimentaire activites recreatives pib francais devrait perdre 12 novembre 2020

With closures in restaurants, non-food trade and recreational activities, French GDP is expected to lose 12% in November 2020. – Laurent VU / SIPA

As expected, the reconfinement will cost the French economy dearly. Monday the Banque de France anticipates that “the loss of GDP for a typical week of activity (compared to the normal level before the pandemic) would be -12% in November, against -4% in October but -31% in April ”or at the time of the first confinement in France.

In its monthly business survey, the Banque de France specifies that this loss of GDP goes with a plunge in catering, non-food trade and recreational activities.

Economic activity reduced from 9% to 10%

The country should also see its economic activity reduced from 9% to 10% in 2020, François Villeroy de Galhau, the governor of the Banque de France, told RTL on Monday.

The Banque de France predicted in September a drop in gross domestic product (GDP) of 8.7% this year, before the second wave of Covid-19.

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