Covid-19 update: France’s GDP drops 8% post lockdown extension, says finance minister

Finance Minister Bruno Le Maire had previously targeted a six percent GDP decline for this year, but that was based on a lockdown that lasted just one month, instead of the two-month period announced by President Emmanuel Macron in a televised address Monday night.

The French economy is expected to contract eight percent this year, reflecting the impact of an extended coronavirus lockdown until May 11, Finance Minister Bruno Le Maire said Tuesday.

A family watches French President Emmanuel Macron's televised speech, Monday April 13, 2020, in Lyon, central France. French President Emmanuel Macron announced extension to France's nationwide lockdown until May 11. (AP Photo)

Le Maire had previously targeted a six percent GDP decline for this year, but that was based on a lockdown that lasted just one month, instead of the two-month period announced by President Emmanuel Macron in a televised address Monday night.

Le Maire told BFM television that the eight percent forecast would be included in a new 2020 budget programme set to be unveiled this week.