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French economic activity drops at 65pc of normal

Published : Friday, 27 March, 2020 at 12:00 AM  Count : 122

PARIS, March 26; French economic activity and household spending are running at about 65per cent of normal levels due the coronavirus outbreak, the INSEE official statistics agency said on Thursday.
INSEE gave the first picture of the impact of the nationwide lockdown as it published its monthly business confidence index, which saw its biggest single drop since records began in 1980.
The index fell to 95 points from 105 points in February with even steeper declines seen in the services and retail sectors, INSEE said.
The French government has prepared a 45 billion euro ($49.1 billion) package - 2per cent of GDP - of crisis measures made up mainly of deferred taxes and payroll charges for companies, and payments to companies who put workers of reduced schedules.    -Reuters



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