France experienced a massive recession in 2020 with an 8.3% drop in gross domestic product (GDP) over the last twelve months.
GDP fell by 1.3% in the fourth quarter of 2020 alone, according to figures released Friday by INSEE.
The French economy suffered a massive recession in 2020 as a result of the Covid-19 epidemic, with a drop in gross domestic product (GDP) of 8.3%, according to a first estimate published on Friday by INSEE, which is however less bad than what the institute anticipated. INSEE predicted a GDP plunge of around 9%, but the French economy resisted the second confinement better in the fall, with a GDP decline of 1.3% in the last quarter alone, especially penalized by the drop in household consumption while investment and foreign trade recovered.