October 29, 2020

Kup

News Updates Everyday

Economy France is shrinking by almost 14 percent due to corona

Economy France is shrinking by almost 14 percent due to corona


Photo: ANP

France’s economy contracted 13.8 percent in the second quarter compared to the previous period due to the corona crisis and the blocking measures to combat the virus outbreak. The French national statistical office reported this in a preliminary estimate.

Economists had forecast a quarterly decline of 15.2 percent. The French economy recorded an adjusted minus of 5.9 percent in the first quarter of this year.

The French economy shrank by 19 percent compared to the previous year. The French economy should recover strongly from the crisis in the third quarter thanks to the relaxation of the blocking measures.

The figures for the economies of Spain, Italy and the euro zone will be published in the second quarter today. Here, too, strong declines are forecast due to the corona crisis. On Thursday, it was announced that the German economy had recently shrunk by more than 10 percent. This is the worst downturn since measurements started.