France sticks to forecast of 11% economic contraction, says Le Maire

Asked about a forecast from the national statistics agency for a 9% contraction this year, Le Maire said on RTL radio that “for now, we confirm the figure of a minus 11% recession.” (File/AFP)

• Le Maire said there has been a strong recovery in May-June
• He said Brexit and the US election will have an impact on French economy

PARIS: The French government is sticking to its forecast for an 11% contraction of the French economy this year because of uncertainty over the outlook for the global economy, finance minister Bruno Le Maire said on Monday.
Asked about a forecast from the national statistics agency for a 9% contraction this year, Le Maire said on RTL radio that “for now, we confirm the figure of a minus 11% recession.”
“While there has been a strong recovery in May-June, between now and year-end there is still a lot of uncertainty, notably Brexit, the US election and the new Chinese five-year plan. All that will weigh on world trade and therefore on French growth,” he said.