Photo: Benoit Tessier / Reuters
French GDP decreased by 13.8 percent in the second quarter of 2020 in comparison with the first, which was a record decline for 70 years. This was reported by the national Institute of statistics and economic studies of the country (INSEE).
Consumption decreased by 11 percent, export — by 25.5%, imports by 17.3 per cent and public spending by 8 percent. In annual terms, GDP fell by 19 percent.
In the first quarter of the second economy in Europe suffered a fall of 5.9 per cent. The removal of restrictions has led to a gradual recovery of economic activity in may and June after April has passed the peak of the crisis, the report said.
Earlier it became known that the German economy in the second quarter of 2020 fell by 10.1 percent from the previous quarter, which was a record decline since 1970.
In July, EU leaders agreed on a plan to rescue Europe’s economy to 750 billion euros. 500 billion Euro plan to allocate in the form of non-repayable assistance to the most affected coronaviruses to countries another $ 250 billion will be directed to loans.
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