French GDP Loss in Q4 2020 Stands at 1.3%, Annual Drop Marks 8.3% - Statistics Agency

MOSCOW (Pakistan Point News / Sputnik - 29th January, 2021) France's GDP has fallen by 1.3 % in October-December compared to the third quarter of 2020, bringing the annual decline to an 8.3 percent mark, the INSEE national statistics agency said on Friday.

The agency noted that the decrease in GDP rates in the fourth quarter and over the year was attributed to the two consequent lockdowns that aimed to curb the spread of the COVID-19 pandemic. The toughest one was in effect from March-May, followed by an eased one from November-mid-December.

"In Q4 2020, GDP in volume terms fell back: -1.3% after +18.

5% in Q3 2020," the INSEE said in a statement, adding that the drop in GDP over the whole year was 8.3 percent against a 1.5 percent rate in 2019.

Notably, the agency previously projected a 9 percent GDP decline in 2020.

The French economy was hit hard by the worldwide restrictions related to the COVID-19 epidemic. As for the latter quarter of the past year, the INSEE noted that the second lockdown in the country mainly affected household consumption expenditure, which decreased by 5.4% in the October-December 2020 period, compared to an 18.2 percent growth in the previous quarter.