July 7, 2020 / 7:27 AM / a month ago

Credit Agricole CEO sees 'encouraging' signs of French economic bounce

FILE PHOTO: Philippe Brassac, Chief Executive Officer of Credit Agricole S.A., poses prior to a press conference in Paris, France, March 8, 2016. Picture taken March 8, 2016. REUTERS/Philippe Wojazer

PARIS (Reuters) - Credit Agricole’s (CAGR.PA) Chief Executive Philippe Brassac said on Tuesday there were signs economic activity was picking up in France, in the aftermath of the coronavirus lockdown.

“We have indicators that are very encouraging for end-May early June, notably for the Electronic Payment Terminal activity at retailers,” Brassac told BFM Business radio.

“The number was 270 million euros ($304.86 million) per day before the crisis, during the crisis it fell to 100 million euros per day and in June it’s 300 million. At the minimum, there is a catching up effect and this bodes well for the future,” he added.

The French economy is on course to bounce back this quarter as much as it probably slumped in the previous three months, the Bank of France estimated on Monday, saying it might need to revise up its 2020 forecast.

The euro zone’s second-biggest economy could expand by an unprecedented 14% in the third quarter if activity remains at least at current levels, it said.

($1 = 0.8857 euros)

Reporting by Dominique Vidalon, editing by Louise Heavens

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