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Published 15:14 IST, July 31st 2020

French economy shrinks by 13.8% during lockdown

France's economy shrank by nearly 14% per cent in the second quarter of this year when the country was in coronavirus lockdown, the national statistics agency said on Friday.

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France's economy shrank by nearly 14% per cent in the second quarter of this year when the country was in coronavirus lockdown, the national statistics agency said on Friday.

It marked a third consecutive quarter of negative growth amid a worsening recession.

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The startling plunge of 13.8% in France's GDP from April to June starkly illustrated the punishing economic cost of the two-month lockdown.

The pain was so damaging to jobs and industries that the government is talking down the possibility of another nationwide lockdown as infections tick upward again.

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France's economy was already slowing, shrinking by 0.2% in the last quarter of 2019, before the pandemic hit with full force.

The country's GDP then fell 5.9% in the first quarter of 2020 as COVID-19 patients started to flood and overwhelm hospitals.

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That health crisis, with COVID-19 killing more than 30,000 people in France, prompted the government in March to introduce what was one of Europe's strictest lockdowns, halting much activity in the second-largest economy of the countries that use the euro currency.

French finance minister Bruno Le Maire has called on French consumers to help kickstart the recovery.

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"The best way to come out of this economic crisis quickly is for the French to spend," he said Friday.

 

15:14 IST, July 31st 2020