The French economy has shrunk by 5.8% in the first quarter compared to the previous quarter — the biggest drop since the country began recording its quarterly GDP in 1949, said France’s national statistics agency, INSEE, on Thursday.
Europe’s third-largest economy’s slump is caused mainly by the coronavirus lockdown measures that have been in place since mid-March, according to an estimate released by INSEE.
A way out of lockdown: French Prime Minister Edouard Philippe outlined plans yesterday to gradually ease the country’s coronavirus restrictions. France will be divided into red or green zones, depending on their case numbers, testing efficiency and health care capacity. The red zones will face stricter measures, while restrictions will be loosened more in the green zones.
