Bank of France: French GDP contracted 13.8% in Q2 2020, in line with forecasts

Dhwani Mehta FXStreet

The latest Bank of France economic forecasts showed that the economy contracted in line with expectations in the second quarter of 2020.

Key highlights

“French economy in July ran 7% below the level expected had there been no coronavirus crisis.”

“The euro zone's second-biggest economy contracted 13.8%, in line with its forecast.”

"The rebound continued in July, at a more moderate rhythm, in line with the trajectory anticipated last month."

“In the manufacturing industry, capacity utilization in July rose 3 points to 72%.”

“Manufacturing and service sector activity would be stable in August.”

EUR/USD capped by 1.1800

The EUR/USD pair remains under mild bearish pressure in early Europe, trading at 1.1781, at the time of writing. The euro remains unperturbed by the above forecasts.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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