French economy contracted 4% in Q4 -central bank

6 days ago 13

French economy contracted 4% in Q4 -central bank

ReutersLast Updated: Jan 13, 2021, 12:10 PM IST

Synopsis

In light of the fourth quarter performance, the Bank of France said it was sticking with a previous estimate that the euro zone's second-biggest economy shrank 9% over the course of last year.

AFPIn Pic: French President Emmanuel Macron

The French economy probably contracted 4% in the final quarter of last year from the previous three months although activity picked up in December after a coronavirus lockdown was lifted, the French central bank said on Wednesday.

In light of the fourth quarter performance, the Bank of France said it was sticking with a previous estimate that the euro zone's second-biggest economy shrank 9% over the course of last year.

The central bank also estimated the economy was operating this month down 7% from pre-crisis levels, unchanged from December but up from -11% in November when the country was under its second coronavirus lockdown.

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