COVID-19: France's economy shrinks by 6% in Q1 of 2020 amid lockdown

Bank of France on April 8 said that French ecomy shrank by around six percent in first quarter of 2020 due to shutdown of businesses caused by coronavirus outbreak. According to reports, this was worst performance of French ecomy since 1945. government data of last three months of 2019 showed that ecomy shrank 0.1 percent and with recent six percent drop, France is w technically in recession. 

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As per reports, Central Bank of France has said that ecomic activity in country dropped by a whopping 32 percent in last two weeks of March, caused by lockdown measures imposed to prevent spre of virus. Bank of France has said that with every two weeks of shutdown, country's ecomy will fall by 1.5 percent. 

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current lockdown in France began on March 17 and was later extended until April 15. As per reports, public garings in France are banned and schools and colleges shut. Bars, restaurants and or n-essential businesses in country have also been closed as part of lockdown measures.   worst affected sectors according to Bank of France are construction, fooding, transport and hospitality. France has recorded over 10,000 deaths and more than 1,00,000 infections so far. 

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Coronavirus outbreak

dely coronavirus infection has claimed nearly 83,000 lives across world and has infected over 14,44,000 people globally since it first broke out in December 2019. China was most affected country until last month before Italy, Spain, United States, UK, France and Iran surpassed it to record most number of deaths anywhere in world.   virus is believed to have originated from a seafood market in China's Wuhan city, epicentre of disease, where animals were reportedly being tred illegally.

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(Im Credit: AP)