By the end of March 2020, the French public debt was equivalent to 101.2 percent of GDP, or 2,438.5 billion euros, up 3.1 points compared to the end of December 2020, which makes it the highest quarterly increase since the second quarter of 2009, the INSEE statistics agency reported on Friday
MOSCOW (Pakistan Point News / Sputnik - 19th June, 2020) By the end of March 2020, the French public debt was equivalent to 101.2 percent of GDP, or 2,438.5 billion Euros, up 3.1 points compared to the end of December 2020, which makes it the highest quarterly increase since the second quarter of 2009, the INSEE statistics agency reported on Friday.
"It [France's public debt] stands at 101.2 percent [at the end of the first quarter 2020]," the report read, adding that such an exceptional increase is marked by "the decline in activity in the first quarter, linked to the health [COVID-19] crisis, and measures to support enterprises and households".
Notably, to support the economy halted by a two-month lockdown since mid-March, the French government has undertaken a series of aid measures. In particular, they have enacted a partial unemployment scheme that covers the wages of companies' staff while they are prevented from work and put forwarded several rescue packages for the economic sectors that have been hit hard by the coronavirus crisis.
The government forecasts the public debt to rise to 120.9 percent in GDP in 2020.
