France expects strong economic growth this year

Last year, French GDP fell by an estimated 8.3 percent.

The French economy will recover from the recession caused by the COVID-19 pandemic this year and achieve a strong growth rate. This was stated on Tuesday by the governor of the French central bank Francois Villeroy de Galhau for the radio station France Info. According to him, the second largest economy in the eurozone will increase its output by at least 5 percent this year. "The recession is over," said Villeroy de Galhau. France's gross domestic product (GDP) fell by 8.3 percent in 2020, according to a preliminary estimate released by the national statistical office INSEE at the end of January, with last year's decline finally being less steep than originally expected. The weak performance of the French economy in 2020 was largely due to a large reduction in consumer spending during the pandemic blockades, while investment and foreign trade "held up relatively well".