Udayavni Special

French economy shrinks 6% in Q1: Bank of France


PTI, Apr 8, 2020, 1:40 PM IST

Paris: In its worst performance since 1945, the French economy shrank around six per cent in the first quarter of this year as the coronavirus pandemic decimated business activity, the Bank of France said Wednesday.

Official figures showed previously that the economy shrank 0.1 per cent in the last three months of 2019, meaning that with two consecutive quarters of negative growth, the country is now technically in recession.

The French central bank said that in the last two weeks of March, as the coronavirus crisis deepened, economic activity plunged 32 per cent.

“You have to go back to the second quarter of 1968, hit by the May (political upheaval), to find a similar fall in activity,” it said, noting that even that year the downturn was 5.3 per cent, still less than the latest figures.

For every two weeks, the country is locked down by the virus, the Bank of France expects the economy to shrink by 1.5 per cent.

At the same time, it cautioned against a simple, straight-line extrapolation of the estimates since the situation is developing.

The current lockdown began March 17 and has been extended by two weeks to April 15 but the authorities have suggested this could be kept in place longer if the virus shows no sign of at least levelling off.

Among the worst affected sectors of the economy, the Bank of France listed construction, transport, restaurants and lodging.

Top News

PM Modi wins praise for breaking taboos, speaking about menstruation in I-Day speech

Why are people sitting in power scared of naming China, asks Congress

Independence Day speech: PM Modi warns China over border tensions

K’taka CM vows to build ‘Kalyana Rajya,’ asks people not to fear COVID-19

Bengaluru: Artist AC Gurumurthy draws Bharat Mata using typewriter

Mass production of COVID-19 vaccine to begin in India once scientists give nod: PM

PM announces launch of National Digital Health Mission



Related Articles More

Trump orders Chinese owner of TikTok to sell US assets

Japan marks 75th anniversary of end of war

Iran, Turkey lash out at UAE over agreement with Israel

Donald Trump promotes false birther theory about Kamala Harris

Citing Bengaluru riots, Pakistan Min says Modi govt giving rise to a Hindu state

MUST WATCH

All you need to know about Bangalore Riots!

Classes conducted for students under the Vidyagama project at Karambaru Bhajan Mandir

Gendun Gyatso Lama : Why did I come to India? The race for independence – The Great Escape from China

BSNL Employees Union in Mangalore protest over MP Anant Hegde’s remarks

Rangayya Naik | Atleast once a year do the work of agriculture | Farmer Request

Latest Additions

California State Assembly recognises Sushant’s contributions to cinema

PM Modi wins praise for breaking taboos, speaking about menstruation in I-Day speech

Property tax arrears owed to BBMP stands at Rs 1,211 crore

Aviptadil: All you need to know about the 1970 drug used for Covid-19 treatment

IPL 2020 sponsorship: Tata Group throws its hat into the ring

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.