Stephane Cardinale/Corbis via Getty Images
The French economy reported its worst quarterly drop in history, 13.8% less by the time of the 2020 quarter, according to knowledge published Friday through the country’s national statistics office.
This is the third consecutive decline for France, with production 19% lower than last year’s era, and showed how much the pandemic has affected one of Europe’s largest powers.
Insee
The worsening is “related to the cessation of non-essential activities” “in the context of the implementation of the blockade between mid-March and early May,” the INSEE statistical framework said in a statement.
Read more: The author of the first pure ETF play area explained 3 reasons why it’s time to invest in the arena, adding your bet to corporations that already make a profit from it.
Although there was a slow recovery in May and June, GDP contracted sharply during the quarter, with declines in production, trade, investment and consumption in general.
In June, INSEE predicted a 17% contraction for France in the quarter, reviewing estimates of an earlier forecast of 20%.
French Finance Minister Bruno Le Maire reduced the government’s annual GDP forecast to -11% from -8% after learning that the overall scenario would likely have deteriorated.
But given a wave of revisions to the estimates, the annual forecast may also be the subject of additional re-evaluations.
Although the quarter figures were not as bad as expected, Le Maire tweeted that efforts to revive economic activity in France would have to be redoubled.
Austere knowledge of the dominance of the euro shows that economic pain is likely to last for some time and that an uptick to pre-virus degrees turns out to be a daunting task.
Germany, Europe’s largest economy, fell by 10% in the quarter, its worst drop since records began in 1970. Spain also recorded a historic decline in GDP of 18.5% during the same period.
Read more: More than two hundred fund managers pay thousands of dollars to take a look at Jim Osman’s inventory list. Here are two who, he believes, are fired, and an IPO under the radar to monitor