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Insee: French GDP Grew Better Than Forecast In Q3 2020

Insee: French GDP Grew Better Than Forecast In Q3 2020

The GDP of the second-largest European economy, France, in the third quarter of 2020, according to the final estimate, grew by 18.7% compared to the second quarter, according to the National Institute of Statistics and Economic Research of France (Insee).

A preliminary estimate of the country's GDP for the past quarter indicated its growth of 18.3%. Analysts polled by Reuters expected it to remain unchanged. At the same time, the indicator decreased by 3.9% year-on-year.

"The changes are mainly due to the addition of new data for September, especially on household consumption and investment in the service sector," Insee said.

Thus, the French economy is showing signs of recovery from the recession. In the second quarter, the French economy fell by a record 13.8% in quarterly terms, in the first quarter — by 5.9%, in the fourth quarter of 2019-by 0.2%.

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