French Economy Suffers Record Contraction

The French economy has suffered an unprecedented contraction, the worst since records began almost 70 years ago. The 13.8% decline in economic output comes as consumer spending, trade and tourism dried up in the wake of the coronavirus pandemic and subsequent imposed restrictions.

French Finance Minister, Bruno Le Maire stated,

"It’s a severe figure, but less severe than we expected".

This comes at a time when economic losses throughout Europe are unevenly distributed; with France, Italy and Spain looking to be the worst hit overall out of any European economy.

Germany on the other hand shrunk only half of what Spain did over the course of the pandemic.

20 views0 comments