Economics
French Economy Suffered Less From Lockdown Than Expected
- Statistics agency revises 2Q GDP estimate to -17% vs -20%
- French consumer spending rebounded when lockdown ended: Insee
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The French economy suffered less than initially estimated in the lockdown and is also getting back toward normal levels of activity faster, according to national statistics agency Insee.
Consumer spending has rebounded quickly after shops reopened May 11 and has remained at levels close to normal, it said Wednesday. Insee, which has issued regular updates using high-frequency data, also said business services were less affected than predicted during the virus restrictions.