Reuters reports that the French economy is expected to contract 8% this year, the finance minister said on Monday, revising the governments outlook for the second time in a week.

"We will have a growth forecast of -8 in the updated budget law," Bruno Le Maire told BFM TV, revising the estimate down from -6% flagged on Thursday.

Meanwhile, budget minister said that the French government's budget deficit is set to hit a post-war record of 9% of economic output this year.

Budget minister Gerald Darmanin said that financial shortfall would top the 7.6% flagged only last week after President Emmanuel Macron extended a nationwide lockdown until May 11.

"We are going from a deficit -7.6% (of GDP) to a deficit of -9%. Our country has never seen such a deficit since World War Two," Darmanin told France Info.