France posted a nearly 14% decline in output, a third consecutive quarterly drop for the economy, and the worst three month fall in history, according to data released Friday.
Although things were expected to be worse as economists predicted a decline of 15.2%, the second-quarter figures reflect the painful economic state that the COVID-19 outbreak left France in.
France’s “negative developments in the first half of 2020 is linked to the shut-down of ‘non-essential’ activities in the context of the implementation of the lockdown between mid-March and the beginning of May,” the country’s statistics agency said.
In other parts of Europe, Germany posted a sharp GDP drop of 10% for the same period while Spain shrank by a historic 18.5%.
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The French economy reported its worst quarterly decline in history by shrinking 13.8% in the second quarter of 2020, data released by the country’s national statistics bureau showed on Friday.
This was the third consecutive decline for France, with output falling 19% from the same period last year, and showed just how badly the pandemic has hit one of Europe’s biggest powers.
France’s economic downturn, somewhat surprisingly, isn’t as bad as economists’ prediction of a 15.2% decline, …read more
Source:: Businessinsider – Finance