BUSINESS France sees record 13.8% GDP plunge in second quarter: official data

BUSINESS

France sees record 13.8% GDP plunge in second quarter: official data

AFP

13:39, July 31, 2020

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A photo taken on July 20, 2020 in Paris shows a view of the Ecole Militaire (Military school) and the Eiffel tower. (Photo: AFP)

France's economy contracted by a record 13.8 percent in the second quarter under the impact of coronavirus lockdowns, the national statistics institute INSEE said Friday.

The seasonally-adjusted quarter-on-quarter drop in gross domestic product (GDP) far surpassed expectations and the performance of its eurozone peers.

"GDP’s negative developments in 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," INSEE said in a statement.


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