France’s GDP to drop 9% in 2020 – INSEE
The French economy is expected to contract 9% this year amid the coronavirus crisis, the National Institute of Statistics and Economic Studies (INSEE) said in its forecast published on Tuesday. The country’s gross domestic product is set to jump 17% in the third quarter compared to the prior trimester, according to the institute, slightly lower compared to the previous forecast.
Meanwhile, France recorded 215,200 net job losses in the second quarter, including 158,200 in the private sector and 57,100 in the public sector.
Last week, French Prime Minister Jean Castex unveiled a new €100 billion recovery package to support the country’s economy through the crisis, aiming to create 160,000 jobs nationwide by the end of 2020.
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