The Central Bank of France said on Tuesday that the French economy will rebound strongly this year from a deep recession sparked by COVID-19.

Growth will reach at least five percent in 2021, Bank of France governor Francois Villeroy de Galhau told France Info radio, a forecast that “comforted” a prediction the bank made in December.

“The recession is behind us,” he said.

French GDP collapsed 8.3 percent in 2020, National Statistics Bureau Insee estimated in late January, saying that downturn had turned out to be less brutal than originally forecast.

A massive drop in consumer spending was behind much of the 2020 decline, while investment and foreign trade held up well, it said.