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Second European economy demonstrates a drop in GDP

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Second European economy demonstrates a drop in GDP
April 30
13:00 2020

France ranks second largest eurozone country in terms of volume. It became known that for the first quarter of 2020, the GDP of the country severely affected by coronavirus has fallen 5.8% in quarterly terms. The data was calculated and published by INSEE (the The National Institute of Statistics and Economic Studies)

This decrease is the greatest in recorded history. The consensus forecast of analysts was not so pessimistic; it was assumed that the figure would decrease by 3.5%.

If we calculate the decline in the French economy in annual terms, the reduction will total 5.4%. In the last quarter of the previous year, France’s GDP decreased by 0.1% on a quarterly basis and increased by 0.9% on an annualized basis.

 

The French national statistics bureau has published expenditure statistics:

• for the quarter , consumer spending has decreased by 6.1%;

• government spending has fallen by 2.4%.

The French have imported 5.9% more goods in the first three months of this year; the export volume has decrease expectedly (by 6.5%).

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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