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French Economy Slumps In Q2

FRANCE DATA

FRANCE FLASH Q2 GDP -13.8% Q/Q SA, -19.0% Y/Y WDA

FRANCE Q1 REVISED GDP -5.9% Q/Q SA, -5.7% Y/Y WDA

  • The French economy plunged 13.8% q/q in Q2 as a result of the government enacted containment measures. Outcome is slightly better than markets expected (BBG: -15.2%)
  • This left the annual rate at -19.0% y/y, after a downwardly revised Q1 rate.
  • The expenditure breakdown shows that the downturn was broad-based, only the change in inventory revealed a positive contribution.
  • While HH consumption dropped 11.0%, government expenditure plummeted 8.0% in Q2.
  • Exports have been hit particularly hard by the pandemic, slumping by 25.5%, while imports dropped 17.3%, resulting in a negative contribution from trade.
  • Gross fixed capital formation (business investment) fell 16.0%, after declining 8.9% in Q1
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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