France recorded the most severe economic downturn since World War II

France experienced the most severe economic contraction since the Second World War in the first quarter of this year, in light of the Corona crisis, official data showed Thursday.

The French statistics agency said that France’s gross domestic product contracted by 5.8% in the first quarter of 2020 compared to the previous three months, when the second largest economy in the euro zone fell by 0.1%.

The first-quarter contraction is the largest compared to the previous quarter since World War II. The decline exceeded most analysts’ expectations, most of whom pointed to a contraction of 3.5%, while some estimates had reached negative 7%.

Since March 17, France’s 67 million people have been under orders to stay in their homes, except to buy food, go to work, seek medical care or exercise individually.

The Statistics Authority said that consumer spending, the traditional driver of the French economy, declined by 6.1% in the first quarter of 2020, compared to the previous three months, while corporate investments plunged by 11.4%.