Bank of France: National economy contracted 6% in Q1
The Bank of France announced on Wednesday that, according to its estimations, the national economy shrank 6% in the first quarter, compared to the previous trimester.
The 6% downturn in the French economy is the largest ever recorded. Economic activity declined by 32% each week during coronavirus pandemic-caused restrictions, the bank said, adding that such developments translated to a 1.5% drop in 2020 GDP for every two weeks of lockdown measures.
Restrictive measures in France are scheduled to cease on April 15, but several high ranking government officials have already hinted that they could be extended.
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