Covid-19 pandemic pushed French financial system into worst recession since World Struggle II – report

Posted By . Under Economy  Tags: , , , , , , , , , ,   

Coronavirus-related financial and social restrictions led to a “historic” drop of eight.2 p.c in French GDP in 2020, information by the Nationwide Institute of Statistics and Financial Research (INSEE) exhibits.

Beforehand, the institute assumed that the decline can be eight.three p.c.

It mentioned in a report, issued on Friday, that “On common in 2020, the financial exercise unprecedentedly fell, by −eight.2 p.c after +1.5 p.c in 2019.” 

Based on the report, within the fourth quarter of final yr, the nation’s gross home product (GDP) shrank by 1.four p.c, whereas preliminary information indicated a decline of 1.three p.c. 

Additionally on rt.com

Empty chairs and tables on the first day of the temporary closing of restaurants, as Covid-19 continues to spread in Berlin, November 2, 2020.
Eurozone enterprise exercise slows as stricter lockdowns take heavy toll on service sector

“In This fall, throughout which the second nationwide lockdown and curfews have been enforced, GDP stood four.9 p.c beneath its degree in This fall 2019 (year-on-year evolution). Its year-on-year decline was reasonable when in comparison with the drop in Q2, when the primary lockdown occurred (–18.6 p.c year-on-year),” INSEE mentioned.

The French financial system grew 1.5 p.c in 2019, placing it among the many greatest performers in Europe. Nonetheless, the downturn final yr marks its worst recession since World Struggle II.

For extra tales on financial system & finance go to RT’s enterprise part