France is set to close the economic gap with Germany that opened up because of differences in how the countries measured the impact of the coronavirus lockdown on their public sectors, according to economists.
The French economy shrank almost 19 per cent in the first six months of the year, dragged down by the sharp drop in activity in its vast public sector, while Germany’s contracted 11.5 per cent in the same period.
Gilles Moëc, chief economist at French insurer Axa, said the drop in public sector activity was “a significant issue” after it knocked 2.5 percentage points off the country’s gross domestic product in the second quarter, while it boosted Germany’s economy 0.3 per cent.
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