The French economy shrank 5.3 percent on quarter in the first three months of 2020, lower than an initial estimate of a 5.8 percent drop. Still, it is the biggest contraction in GDP since the second quarter of 1968, when the country was dealing with civil unrest, student protests and general strikes. France entered recession for the first time since 2009 as coronavirus restrictive measures imposed from March 17th dragged down consumer spending (-5.6 percent), public expenditure (-2 percent), investment (-10.5 percent), exports (-6.1 percent) and imports (-5.7 percent). The government expects the economy to shrink at least 8 percent in 2020 and launched a stimulus package worth €110 billion or 4 percent of the GDP to help firms and employees.
GDP Growth Rate in France averaged 0.75 percent from 1949 until 2020, reaching an all time high of 8 percent in the third quarter of 1968 and a record low of -5.30 percent in the second quarter of 1968. This page provides the latest reported value for - France GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. France GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: INSEE, France
GDP Growth Rate in France is expected to be -19.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in France to stand at 2.50 in 12 months time. In the long-term, the France GDP Growth Rate is projected to trend around 1.50 percent in 2021 and 0.60 percent in 2022, according to our econometric models.