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France grows 18.2% in Q3, Germany expands 8.2%

France grows 18.2% in Q3, Germany expands 8.2%

France grew 18.2 percent in the third quarter, while Germany expanded at a pace of 8.2 percent, the flash GDP reading released on Friday showed. 

The French economy grew by 18.2% after contractions of 13.7 percent and 5.9 percent in the second and first quarters respectively. Analysts had estimated a growth pace of 15 percent in the July-September period.  

The year-on-year growth during the quarter was still down by 4.3 percent, which means the euro area’s second-biggest economy is still below the pre-pandemic levels. 

France’s finance minister, Bruno Le Maire, has warned that the fourth quarter of this year will be difficult, especially after the re-imposition of new lockdown measures to slowdown the rapid spread of the Covid-19. 

The French economy is expected to contract by 11 percent in 2020, Le Maire said. 

In Germany, the economy reported a growth of 8.2 percent, compared to forecasts of 7.3 percent expansion and the previous reading of 9.7 percent drop. 

As of 09:15 GMT, euro extended its fall for a fifth straight session versus the green currency on Friday, set for a sharp weekly loss, as the dollar strengthened on haven demand.

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