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- France's GDP dropped by 5.8% in the first quarter
France's GDP dropped by 5.8% in the first quarter
According to the report from Insee, in Q1 2020, GDP in volume terms fell sharply: -5.8%, the biggest drop in the series' record, since 1949. In particular, it is bigger than the ones recorded in Q1 2009 (-1.6%) or in Q2 1968 (-5.3%). GDP's negative evolution in Q1 2020 is primarily linked to the shut-down of "non-essential" activities in the context of the implementation of the lockdown since mid-March.
Household consumption expenditures dropped (-6.1%), as did total gross fixed capital formation in a more pronounced manner (GFCF: -11.8%). Overall, final domestic demand excluding inventory changes fell sharply: it contributed to -6.6 points to GDP growth.
Exports also fell this quarter (-6.5%) along with imports (-5.9%), in a less pronounced manner. All in all, the foreign trade balance contributed negatively to GDP growth: -0.2 points, after -0.1 points the previous quarter. Conversely, changes in inventories contributed positively to GDP growth (+0.9 points).
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