Central bank sees French GDP down 9-10% in 2020

France's central bank expects the country's economic activity to decline between 9 and 10 percent in 2020, its chief Francois Villeroy de Galhau said Monday on RTL.

The Banque de France had forecast in September that economic activity, or GDP, would decline by 8.7 percent this year.

But that was before the rapid rise in Covid-19 cases in France in October, which led the government to impose a second lockdown.


The bank estimated that the new lockdown will cost the nation's economy 12 percent of GDP compared to a normal week in November.

Restaurants, non-food retail and recreation activities are being hit the worst, it estimated.