In its monthly update on business conditions, the central bank said on Monday the euro zone’s second biggest economy contracted 13.8%, in line with its forecast.
“The rebound continued in July, at a more moderate rhythm, in line with the trajectory anticipated last month,” the bank said.
In June, economic activity was 9% below normal levels, up from the 32% reduction seen during the first two weeks of lockdown in March.
The positive trend continued just as France and other European governments took new measures to curb a renewed rise in infection rates, desperate to avoid a return to the lockdowns that battered economies globally.
In the manufacturing industry, capacity utilisation in July rose 3 points to 72%.
Manufacturing and service sector activity would be stable in August, the bank projected.
Reporting by Richard Lough; Editing by Andrew Heavens
Source: Reuters