RUS | ENG | All
Укажите логин или email, которые вы использовали при регистрации.
Если вы не помните свой пароль - просто оставьте это поле пустым и вы получите новый, вместе со ссылкой на активацию.

Еще не зарегистированы?
Добро пожаловать!

2020-07-31 10:05:00

FRANCE'S GDP DOWN

FRANCE'S GDP DOWN

REUTERS - JULY 31, 2020 - The French economy contracted by a post-war record of 13.8% in the second quarter, as consumption, investment and trade all collapsed under a lockdown imposed to contain the COVID-19 pandemic, although the drop was shallower than expected.

The contraction in the euro zone’s second-largest economy was steeper than the 10.1% reported by Germany, where authorities kept a surge in COVID-19 related deaths in check and did not have to enforce a lockdown as strict as France’s.

The French lockdown was stringently enforced until May 11, with non-essential shops shut down, and gradually lifted over the course of the second quarter, with cafes and restaurants being allowed to open on June 2.

The contraction was not as severe, however, as the 17% predicted earlier this month by national statistics office INSEE and the 15.3% reduction pencilled in by analysts polled by Reuters.

“Not too bad!” tweeted Allianz chief economist Ludovic Subran. “We were expecting -16% but deconfinement saved the day.”

INSEE also revised down to 5.9% from 5.3% the drop in gross domestic output in the first quarter, which included about a fortnight of lockdown, which was imposed on March 17.

That was the third consecutive decline in GDP, in a recession that started in the fourth quarter of last year, when nationwide strikes shaved 0.2% off national output.

INSEE said earlier this year it expected the economy to rebound by 19% in the third quarter and a further 3% in the fourth quarter, with activity 1% to 6% below pre-crisis levels by December.

Friday’s data showed household consumption dropped by 11%, company investment 17.8%, exports by 25.5% and imports by 17.3%.

The drop in the construction sector was particularly steep, INSEE said, with a 24.1% plunge.

Analysts have mentioned the paralysis in the French construction sector as one difference that explains the better performance in Germany, where construction sites stayed open through lockdown.

-----


Earlier:

FRANCE'S GDP DOWN
2020, July, 29, 11:35:00
ITER FUSION ASSEMBLY
Launched in 2006 and based in southern France, the International Thermonuclear Experimental Reactor (ITER) had planned to test its first super-heated plasma by 2020 and achieve full fusion by 2023.
FRANCE'S GDP DOWN
2020, July, 8, 11:40:00
NUCLEAR POWER: CLIMATE BENEFITS
France and the UK had previously blocked an agreement on the green finance taxonomy, arguing it failed to recognise the environmental benefits of nuclear power, which emits almost no greenhouse gases blamed for global warming.
FRANCE'S GDP DOWN
2020, July, 2, 11:35:00
NEW FRANCE'S NUCLEAR
SFEN recommends that France includes the project to construct a series of three pairs of reactors in its post-COVID recovery plan and confirms the launch of the project at the end of the investigation in mid-2021. It also says the European Union should include new nuclear in the Green Deal and associated plans for financial mechanisms.
All Publications »
Tags: FRANCE, GDP, ECONOMY