The French economy shrank at a record 13.8 percent on quarter in the three months to June 2020, compared to market forecasts of a 15.3 percent contraction and after a revised 5.9 percent decline in the prior quarter. The economic recession deepened as the COVID-19 outbreak took a huge toll on the economy, with non-essential activities being closed between mid-March and the beginning of May. There were sharper declines in household consumption (-11.0 percent vs -5.8 percent), led by further falls in spending on both goods and services; fixed investment (-17.8 percent vs -10.3 percent), mainly led by construction; and government spending (-8 percent vs -3.5 percent). In addition, net foreign demand contributed negatively as exports plunged 25.5 percent while imports 17.3 percent. Conversely, changes in inventory contributed positively, adding 0.6 points.
GDP Growth Rate in France averaged 0.70 percent from 1949 until 2020, reaching an all time high of 8 percent in the third quarter of 1968 and a record low of -13.80 percent in the second quarter of 2020. This page provides the latest reported value for - France GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. France GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: INSEE, France
GDP Growth Rate in France is expected to be 8.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in France to stand at 1.90 in 12 months time. In the long-term, the France GDP Growth Rate is projected to trend around 1.50 percent in 2021 and 0.60 percent in 2022, according to our econometric models.