France in Double-Dip Recession at Start of 2021 After Revisions
France’s statistics agency cut its estimate of economic output at the start of the year, showing the euro area’s second largest economy slipped into a recession for the second time in the Covid pandemic.
Gross domestic product declined 0.1% in the first quarter as construction was much weaker than early data had shown. Insee had initially reported growth of 0.4%.
A separate release showed the second quarter of the year began on a weak footing with consumer spending falling 8.3% in April from the previous month, more than twice as much as economists forecast.
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