French economy grew 1% in second quarter as COVID curbs eased - central bank
Reuters
Published Jul 07, 2021 01:49PM ET
PARIS (Reuters) - France economy probably grew faster than previously expected in the second quarter thanks to a service sector rebound as coronavirus measures were eased, the central bank said on Wednesday.
The euro zone's second-biggest economy grew close to 1% in the second quarter from the previous three months, up from a previous estimate of half a percentage point, the central bank said.
The government ended France's third national lockdown in mid-May and has been gradually relaxing other restrictions since then.
The economy was seen operating at 98% of pre-crisis levels in June and July, up from 96% in May, the central bank said in a note accompanying its monthly survey of 8,500 businesses.
A growing number of companies reported trouble finding enough staff and getting hold of raw materials as the economy re-opened.
The survey found 47% of industrial companies were facing supply-chain problems in June, up from 44% in May while the number hit as high as 80% in the carmaking sector.
Manufacturers' stocks of raw materials were the lowest on record going back to the early 1980s, while price increases for inputs were the highest since the early 1980s.
Meanwhile, 44% of the companies surveyed said they were having trouble recruiting enough workers in June, up from 37% in May. The number reached as high as 50% in the construction sector and 47% in services.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.