Coronavirus: France enters recession as economy shrinks 6% in worst slowdown since Second World War
Bank of France forecasts economy will shrink 1.5 per cent for every two weeks the country is in lockdown
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.France is in recession and undergoing its sharpest slowdown since the Second World War, shrinking by 6 per cent in the first quarter of 2020 due to the economic impact of the coronavirus pandemic.
Figures from the Bank of France revealed that the negative growth came at the end of the quarter, when strict containment measures were introduced nationwide to halt the spread of the Covid-19 disease.
France went into lockdown on 17 March, prompting economic activity to fall by 32 per cent over the following two weeks.
The central bank forecasts that for every two weeks the country continues to be in lockdown, the economy will shrink by a further 1.5 per cent. The current end date for the lockdown is 15 April but it is widely expected to be extended.
Among the industries heavily impacted by the lockdown are construction, tourism and transport, some of which were already faltering at the end of last year.
It is the second consecutive quarter that France’s economy has shrunk, following a 0.1 per cent decrease at the end of 2019, meaning it meets the official definition for a recession.
There have been more than 100,000 confirmed cases of coronavirus in France, making it the fourth worst affected country behind the US, Spain and Italy.
The deadly virus has resulted in 10,328 deaths in the country – a figure that jumped by more than 1,400 on Monday.
The novel coronavirus has infected close to 1.5 million people around the world, according to official figures, though the number is expected to be significantly higher due to a lack of testing.
More than 300,000 people have so far recovered, while the global death toll is currently 82,210.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments