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French economy operating down 12% under new lockdown: central bank – TheChronicleHerald.ca

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PARIS (Reuters) – France’s economic activity is 12% lower than normal this month after the country entered a coronavirus lockdown for the second time this year, the central bank said on Monday.

The government imposed the new lockdown on Oct. 30 to rein in a surge in new cases although the restrictions were softer than the first time to limit the impact to the euro zone’s second-biggest economy.

The Bank of France said economic activity was expected to be reduced by 12% of normal levels as a result, worse than the 4% drop in October but far better than the 31% loss seen in April during one of the strictest lockdowns in Europe.

To make its estimates, the central bank drew on its monthly survey of 8,500 business leaders, which was conducted this time on Oct. 28-Nov.4 with 90% of responses coming after the lockdown started.

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 central bank said.

The survey corroborates the picture painted since the new lockdown by high-frequency data ranging from traffic congestion to electricity use, which indicate the economy is holding up better than the first time.

(Reporting by Leigh Thomas; editing by Philippa Fletcher)

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Chile's economy closer to growth after months of contraction – TheChronicleHerald.ca

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SANTIAGO (Reuters) – Chile’s economic activity fell 1.2% in October from a year ago, the central bank said on Tuesday, as the Chilean economy inched closer to growth after months of contraction caused by the coronavirus pandemic.

The bank’s IMACEC economic activity index encompasses about 90% of the economy tallied in gross domestic product figures. The October figure was the economy’s best showing since February, when the economy grew 3.3%, bank statistics show.

But economic activity in Chile remained hobbled by the coronavirus outbreak, the bank said, even though cases of COVID-19 have fallen with the onset the southern hemisphere’s spring.

The bank said a drop in the production of goods and services had largely driven the contraction, but added the impact was softened by gains in commerce as quarantines were lifted across much of the nation.

Chile’s mining activity also grew by 1.6% in October, the bank said, a persistent bright spot during the pandemic.

Most of Chile’s sprawling copper mines maintained output even at the height of the country’s outbreak in May and June, a lifeline for an economy that depends on metals exports.

(Reporting by Dave Sherwood; Editing by Andrew Heavens)

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Statistics Canada to say today how country's economy fared in third quarter of 2020 – Humboldt Journal

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OTTAWA — The national statistics office will say this morning how much Canada’s domestic economy bounced back in the third quarter of the year.

The Canadian economy suffered its worst three-month stretch on record in the second quarter as the economy came to a near halt in April before starting to recover in May and June.

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Expressed at an annualized rate, real gross domestic product fell 38.7 per cent in the second quarter, the worst posting on record.

The rebound is expected to be equally sharp in the ensuing three-month stretch over July, August and September.

Financial data firm Refinitiv says the average economist estimate is for an annualized growth rate of 47.6 per cent for the quarter.

The firm also says the average economist estimate is for a 0.9 per cent increase in real GDP for September, which Statistics Canada will also unveil this morning.

This report by The Canadian Press was first published Dec. 1, 2020.

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Statistics Canada to say today how country's economy fared in third quarter of 2020 – CKPGToday.ca

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By Canadian Press

Dec 1, 2020 1:08 AM

OTTAWA — The national statistics office will say this morning how much Canada’s domestic economy bounced back in the third quarter of the year.

The Canadian economy suffered its worst three-month stretch on record in the second quarter as the economy came to a near halt in April before starting to recover in May and June.

Expressed at an annualized rate, real gross domestic product fell 38.7 per cent in the second quarter, the worst posting on record.

The rebound is expected to be equally sharp in the ensuing three-month stretch over July, August and September.

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