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Financial News: France GDP Contracts More Than Initially Estimated In

France GDP Contracts More Than Initially Estimated In Q4

02/26/2021 - 04:25:00 (RTTNews)

(RTTNews) - The French economy contracted more than initially estimated in the fourth quarter, revised data from the statistical office Insee showed on Friday.

Due to the second national lockdown and curfews, gross domestic product fell 1.4 percent sequentially in the fourth quarter. This was slightly bigger than the 1.3 percent fall estimated on January 29. The economy had rebounded 18.5 percent in the third quarter.

GDP was 4.9 percent below its level in the fourth quarter of 2019.

On an average in 2020, the economic activity unprecedentedly fell by 8.2 percent after the 1.5 percent rise in 2019.

Data showed that despite the decline in the payroll received by households, gross disposable household income increased 1.5 percent in the fourth quarter after rising 2.8 percent in the third quarter.

Over the year 2020, disposable income increased 1.1 percent after the 3.1 percent rise in 2019.

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