France’s economy shrank by nearly 14% in the second quarter when the country was in coronavirus lockdown, the national statistics office INSEE said Friday.
It was the third consecutive quarter of economic contraction. According to the INSEE, the plunge of 13.8% from April-June comes after the country’s GDP shrank 5.9% in the first quarter of 2020, and 0.1% in the fourth quarter of 2019.
Imports in Q2 dropped 17.3%, after dropping 5.5% in Q1, while exports crashed 25.5%, after retreating by 6.1% in the first quarter. Household consumption dropped by 11%, and company investment dropped by 17.8%.
“The negative trend in GDP in the first half of 2020 is linked to the cessation of ‘non-essential’ activities in the context of the containment implemented between mid-March and early May”, the office said.
It added that “the gradual lifting of restrictions leads to a gradual recovery of economic activity in May and then June, after a low point reached in April”.
The figures come a day after Germany reported a record quarterly GDP contraction of 10.1%.