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The euro zone economy bounced back in the third quarter as the region profited from a summer period with few social restrictions. However, the focus is now on the final quarter of the year after its two largest economies, France and Germany, announced nationwide lockdowns.

Gross domestic product for the euro zone expanded by 12.7% in the third quarter, compared with the previous three months, according to a flash estimate released by the bloc’s statistics office Friday.

France’s gross domestic product grew by 18.2% between July and September, the country’s statistics office, Insee, said in a preliminary reading. France’s GDP had contracted by 13.7% during the second quarter, which included the first full month (April) of nationwide lockdown in the wake of the coronavirus pandemic.

“The massive increase in French GDP in the third quarter is of no comfort to French policymakers or households, who are now contending with a second national lockdown,” Andrew Kenningham, chief Europe economist at Capital Economics, said in a note.

Despite the improvement during the summer period, “GDP remained well below the level it had before the health crisis,” Insee said. On an annual basis, the third quarter reading came in 4.3% lower from a year ago.

Reference: CNBC