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Historic recession of 8.2% in France in 2020, inflation at 0.4% over one year – Economy

The French economy fell by 8.2% last year, INSEE said on Friday, a drop slightly less than the -8.3% previously estimated, but which confirms the historic recession suffered by the country due to the pandemic. In the fourth quarter of 2020 alone, the decline in GDP is 1.4%, against -1.3% previously estimated. INSEE also specifies that the French economy ended the year 2020 with activity 4.9% below its level of the last quarter of 2019, i.e. before the appearance of the covid-19 epidemic.

Another provisional indicator given this Friday by INSEE: the rise in consumer prices in France slowed to 0.4% over one year in February against 0.6% in January. “Inflation would fall in line with the fall in the prices of manufactured products and the slowdown in the prices of services and food,” said the National Institute of Statistics.

Finally, household consumption “clearly” fell back in France in January, falling 4.6% compared to December under the effect of the shift in sales and the strengthening of the curfew to fight against covid-19 epidemic. This decline is due to the sharp drop (12.9%) in the consumption of manufactured goods, while energy consumption increased by 6.3% due to the cold and that of foodstuffs increased by 1.7 %, according to INSEE.

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