French Central Bank Confirms 6 Percent GDP Fall During First Quarter of 2020

The country's economy soured amid the global pandemic that has also hit France, infecting 73,488 people and killing 8,896, according to the World Health Organisation. Severe lockdown measures, introduced by multiple countries, have taken their toll on the economy, resulting in a serious downturn on stock markets and affecting industry.

The French economy lost almost 6 percent in the first three months of the year, marking the worst performance since 1945, the Bank of France announced on Wednesday. 

The central bank also noted in the statement that during the last quarter of 2019 the French economy also shrank 0.1 percent, meaning that with 6 months of decline France is technically in a recession.

A coronavirus disease (COVID-19) infected patient from France is transferred from an ambulance aircraft to an ambulance car at the airport in Dresden, as the spread of the coronavirus disease (COVID-19) continues in Dresden, Germany April 2, 2020.

© REUTERS / MATTHIAS RIETSCHEL

In the meantime, the European Commission has warned Eurozone finance ministers that the area's economy could lose up to 10 percent due to the pandemic.

Finance Minister Bruno Le Maire previously addressed the crisis, stating the situation would be worse than in 2009 (which showed a 2.2 percent downturn), while Minister of Public Action and Accounts Gerald Darmanin promised not to increase taxes in the near future in a bid to help businesses.

France has been on complete lockdown since 17 March, while Paris introduced additional measures to curb the outbreak.