France Economy Bounces Back In Third Quarter
Fahad Shabbir (@FahadShabbir) Published October 30, 2020 | 01:00 PM
Paris, (UrduPoint / Pakistan Point News - 30th Oct, 2020 ) :Economic activity in France bounced back strongly in the third quarter following the lifting of the coronavirus lockdown, data showed on Friday, but the government still expects Europe's second biggest economy to remain deep in recession for the year as a whole.
French gross domestic product expanded by 18.2 percent in the period from July to September compared with the preceding three months, the national statistics office Insee calculated in preliminary data.
Nevertheless, economic output was "sharply lower than it had been before the crisis," with GDP down by 4.3 percent on a year-on-year basis, the statisticians said.
And while Insee did not provide a forecast for the fourth quarter, Economy Minister Bruno Le Maire insisted that the country would remain mired in recession across the whole of 2020 as it re-enters lockdown to try to stem a second wave of virus infections.
The government is projecting economic contraction of 11 percent for this year, a slight downward revision from an earlier forecast of 10 percent, Le Maire told France Inter radio shortly after Insee published the third-quarter GDP data.
"It's a moderate revision, simply because we've had a very strong third quarter," he said. The French economy has considerable capacity to bounce back."The recovery in GDP in the July-September period was driven primarily by a jump of 17.3 percent in household spending, Insee calculated.
Public spending also increased, investment rebounded sharply, and French exports jumped by 23.3 percent quarter-on-quarter, the data showed.
Related Topics
Recent Stories
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
Sindh cabinet approves Rs177.5m to strengthen, mobilize various wings of police
Faisal Karim Kundi takes oath as new KP Governor
Azad Jammu and Kashmir Prime Minister Anwaar ul Haq Chaudhry seeks more vibrant ..
Tahaffuz Manzil Foster Home providing care & support to homeless children
PCB proposes April 7 -May 20 window; tweaks in rules for HBL PSL 2025
Field hospitals now operational across Punjab: Azma Bukhari
More Stories From Miscellaneous
-
American band promotes intercultural harmony thru music fusions
18 hours ago -
Waste Management – A persistent challenge for MWMC
2 days ago -
Experts for ending child labour
4 days ago -
Labour Day - A reminder for better facilities to workers
4 days ago -
Stage Drama Mohabati Manhoon presents in Arts council Larkana
6 days ago -
Wheat farmers in a fix on price, procurement mechanism
7 days ago
-
Modern tools to help transform crime investigation procedures
7 days ago -
Sanam Marvi captivates audience with mesmerizing performance
8 days ago -
Modern Education Techniques: A pathway to achieve economic development
9 days ago -
Kite Flying: From cultural festival to deadly sport
9 days ago -
PDMA predicts gusty wind, rain with thunder, hails
12 days ago -
Iranian president Raisi given guard of honour at PM House
13 days ago