The French economy shrank at a record 13.8% on quarter in the second quarter of 2020, in line with preliminary estimates, and following a 5.9% fall in the previous period. The economic recession deepened as the COVID-19 outbreak took a huge toll on the economy, with non-essential activities being closed between mid-March and the beginning of May. Household spending (-11.5% vs -11%) and government consumption (-10.3% vs -8%) fell more than anticipated while investment shrank less (-10.3% vs -17.8%). Also, the drag from foreign trade was higher (-2.5 percentage points vs -2.3 percentage points) as exports fell at an unrevised 25% and imports shrank less (-16.4% vs -17.3%). The French central bank expects the economy to shrink 10% in 2020 and rebound 7% in 2021 and 4% in 2022, according to forecasts made in June of 2020.
GDP Growth Rate in France averaged 0.70 percent from 1949 until 2020, reaching an all time high of 8 percent in the third quarter of 1968 and a record low of -13.80 percent in the second quarter of 2020. 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 October of 2020. source: INSEE, France
GDP Growth Rate in France is expected to be 11.50 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 1.90 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.