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France officially enters recession after worst ever growth slump

BUSINESS DAILY
BUSINESS DAILY © FRANCE 24

The French economy has officially fallen into recession, after a record contraction of 5.8 percent in the first three months of the year. The drop in quarterly economic output is the worst since records began in 1949. The national statistics agency Insee also reported that consumer spending plunged by almost 18 percent in March, while business investment and output from the construction and manufacturing industries also fell. The pandemic has hit economies across Europe, with new figures showing the eurozone registered a record drop in growth of 3.8 percent in the first quarter.

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