The French economy lurched back into contraction in the final quarter of last year but not as much as expected after the country faced a second coronavirus lockdown, official data released on Friday showed.

The euro zone’s second-biggest economy shrank 1.3% in the final three months of last year after surging 18.5% in the previous quarter, when it staged an unprecedented rebound following a first lockdown, the INSEE statistics agency said.

The result exceeded expectations for a 4% slump on average in a Reuters poll of 28 economists with estimates ranging from -1.4% to -5.3%.

Read more on KFGO