Reuters reports that Bank of France said that 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 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.