section_path: Socio-economic effects/France
section_name: France
paragraph_text: France
  
  The crisis affected France a bit later than other countries, hitting hard around 1931. While the 1920s grew at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%.
  
  The depression was relatively mild: unemployment peaked under 5%, the fall in production was at most 20% below the 1929 output; there was no banking crisis.
  
  However, the depression had drastic effects on the local economy, and partly explains the February 6, 1934 riots and even more the formation of the Popular Front, led by SFIO socialist leader Léon Blum, which won the elections in 1936. Ultra-nationalist groups also saw increased popularity, although democracy prevailed into World War II.
  
  France's relatively high degree of self-sufficiency meant the damage was considerably less than in neighbouring states like Germany.