Amid coronavirus, France sees record 13.8 pct second-quarter GDP plunge

First visitors arrive at Disneyland Paris as the theme park reopens its doors to the public in Marne-la-Vallee, near Paris, following the coronavirus disease (COVID-19) outbreak in France, July 15, 2020. (Reuters)

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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Last Update: Friday, 31 July 2020 KSA 08:53 - GMT 05:53
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