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French GDP dropped at the fastest rate in history, contracting 14% in the second quarter — the latest European economy to reveal its pandemic pain
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- 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%.
- Visit Business Insider's homepage for more stories.
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.
See the rest of the story at Business Insider
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See Also:
- US GDP report showed 'how big of a hole we have to dig ourselves out of': Here's what 5 economists are talking about following the record output slump
- US GDP plunged by a record 33% annual rate in the 2nd quarter as coronavirus lockdowns raged
- States that reopened the earliest from pandemic-driven shutdowns saw no economic gains, study shows
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