(Bloomberg) -- The French government will raise its economic outlook for this year after consumer spending rebounded more strongly than expected once the lockdown aimed at containing the spread of the coronavirus ended.
“In the coming days, we will be able to revise the forecast of an 11% recession. It will remain a high figure, but less than 11%,” French Finance Minister Bruno Le Maire said on France 2 television on Monday.
National statistics agency Insee last week reiterated its forecast for a 9% contraction in economic output in 2020, noting that its measurements showed activity was around 95% of pre-Covid levels in August.
“The French economy is recovering gradually. We are coming from afar as the economic shock has no equivalent in modern times, but I think we are going in the right direction,” Le Maire said.
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