By publishing a “first estimate” of growth in France for 2020 today, Insee recorded a decline in GDP of -8.3%.
Tragic, of course, but less dire than expected (-11% for the government and -9% for the previous Insee estimate) and above all, improving: in the 4th quarter — and despite the lockdown — GDP only fell by 1.3% whereas it had plummeted by 14% during the 2nd quarter, that of the “hard” lockdown.
With the second lockdown imposed from October to November, one could fear the worst. But ultimately, the French economy withstood the second lockdown better than the first.
During this period, GDP is 5% lower than its level a year earlier (year-on-year), whereas the year-on-year decline reached 18.8% in the second quarter, explains Insee.
As a direct consequence of this limited underperformance and the health crisis, which was the common thread throughout the year, the French economy underwent a massive recession in 2020. GDP ultimately declined by 8.3%, according to a first estimate by Insee.
