© Reuters. The FRENCH ECONOMY BOUNCES back and PROBABLY MORE QUICKLY THAN we EXPECTED, SAYS VILLEROY DE GALHAU
PARIS (Reuters) – The French economy starts again after the recession induced by the pandemic of sars coronavirus at least as fast as hoped, there is a month and maybe even a little faster, said Sunday on LCI, the governor of the Bank of France, François Villeroy de Galhau.
The Bank of France has estimated last month that the second largest economy of the euro area would be 12% below its capacity by the end of June, when the loss of activity on the first fifteen days of confinement, at the end of march, had reached 32% and was still 17% at the end of may, after the lifting of the containment.
The central bank must publish new estimates on Tuesday morning.
“The recovery is going at least as well as we had expected and maybe even a little better,” said François Villeroy de Galhau.
Taking into account the estimates of the loss of activity in the months of April, may and June, the Bank of France estimated “around -15%” the GDP contraction in the 2nd quarter.
François Villeroy de Galhau, without minimising the seriousness of the economic crisis, said on Sunday that the situation might even be a little better.
(Leigh Thomas; French version by Henri-Pierre Andre)