The French government on Monday scrapped its days-old economic outlook after President Emmanuel Macron extended a national lockdown, shutting down swathes of the euro zone's second-biggest economy.
FILE PHOTO: French Economy Minister Bruno Le Maire attends a press conference after the weekly cabinet meeting, as the spread of the coronavirus disease continues, in Paris, France March 25, 2020. Francois Mori/Pool via REUTERS/File Photo
Finance Minister Bruno Le Maire said the economy was now expected to contract 8% this year instead of the 6% flagged as recently as Thursday, revising the number to take the longer lockdown into account. The extension would put additional strain on public finances, blowing the public sector budget deficit out to a post-war record of 9% of GDP, up from 7.6% last week, budget minister Gerald Darmanin told France Info.
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