Economics
French Economic Activity Has Returned to 95% Normal Levels
- Insee sees activity improving to around 96% by end 2020
- French economy expected to contract around 9% this year
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French economic activity recovered to around 95% of pre-crisis levels in August, but progress will effectively stall now after the initial rebound, national statistics agency Insee said Tuesday.
Massive public spending on furlough and support for businesses helped shelter households and fuel a sharp rebound in consumption when confinement ended in May. While that support will continue, there is uncertainty about the pandemic and how consumers will spend savings.