French economy operating down 12% under new lockdown – Bank of France survey

The French economy is seen operating 12% lower from normal levels under the new lockdown vs. 31% loss seen during April’s lockdown. according to the Bank of France monthly survey of 8,500 business leaders.

Additional findings

“Services requiring direct contact with customers were expecting the hardest hit with activity seen down 40% in the wholesale, retail, transport, hotel and restaurant industries.”

“Meanwhile, businesses in manufacturing expected to operate at a loss of only 7% of their normal activity and construction 8%.”

“The survey corroborates the picture painted since the new lockdown by high-frequency data.”