5/29, 9:25 AM (Source: TeleTrader)
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French economy contracted less than predicted in Q1 - INSEE

France's economy shrank 5.3% in the first quarter of 2020, the country's national statistics bureau INSEE reported on Friday. The decreased was half a percentage point lower than expected.

The contraction was mainly caused by severe drop in total domestic demand, which contributed -6.0 points to gross domestic product growth. Contribution of foreign trade balance to GDP growth was zero, while changes in inventories added +0.6 points to GDP.

The statistics office previously predicted France's GDP could end up dropping 20% in the second quarter due to the coronavirus.

Breaking the News / MD