An employee prepares customer’s orders at a grocery store in Bretigny-sur-Orge, near Paris, France. Reuters
France's economy shrank by nearly 14% in the second quarter, when the country was in coronavirus lockdown. It was the third consecutive quarter of negative growth in a worsening recession, the national statistics agency said Friday.
The startling plunge of 13.8% in April-June, compared to the same three-month period in 2019, starkly illustrated the punishing economic cost of the two-month lockdown. The pain was so damaging to jobs and industries that the government is talking down the possibility of another nationwide lockdown as infections tick upward again.
France's economy was already slowing, shrinking by 0.2% in the last quarter of 2019, before the coronavirus pandemic hit with full force.
Readjusted figured released Friday by Insee, the French statistics agency, showed that the economy shrank by 5.9% in the first quarter of 2020, as floods of COVID-19 patients started to overwhelm hospitals, prompting the lockdown. Insee's earlier estimate was of a 5.3% first-quarter plunge.
France is faring worse than Germany, Europe’s largest economy, which on Thursday reported a 10.1% plunge in GDP during the April-June period as its exports and business investment collapsed.
In March, the health crisis prompted the French government to introduce what was one of Europe's strictest lockdowns, halting much activity in the second-largest economy of the countries that use the euro currency. In France, COVID-19 has now killed more than 30,000 people and infected more than 186,000.
In releasing its morose figures Friday, Insee said the economic low point was in April, when only workers deemed essential were able to leave their homes. Activity started to pick up again from May as authorities began to ease lockdown restrictions, Insee added.
Insee's figures showed that the construction industry was among the hardest-hit, as worksites stood idle, with laborers forced to stay home.
Locked-down families, many surviving on government handouts and job-preservation schemes, tightened their purse strings: Insee reported an 11% plunge in household spending in April-June, following a drop of 5.8% in the first quarter.
Trade was also battered, as global lockdowns grounded flights, closed borders and factories, and threw transport into disarray. French imports, already down by 5.5% in the first quarter, shrank further in the second quarter, down 17.3%.
The damage to exports was even more pronounced, down by a whopping 25.5% in the second quarter after retreating by 6.1% in the first quarter.
Nakheel’s customers include property owners, retail and hospitality tenants and small business operators. The package includes free rental periods for retail and hospitality partners who operate within the Nakheel Malls portfolio.
Infections have been reported in 210 countries since the first cases were identified in China in December last year and British aid minister Anne-Marie Trevelyan said assisting the poorest nations now would help prevent the virus returning to the United Kingdom.
With more than half of humanity asked to stay at home and economic activity grinding to a virtual standstill in many places, the havoc wreaked by COVID-19 coronavirus continues unabated.
These include reopening schools, companies returning to work, getting public transport back to normal, the supply of masks and sanitiser, testing policy and support for the elderly. A dozen ministers will on Monday consult with representatives of local authorities to discuss various options.
The number of people in work in Britain has suffered the biggest drop since 2009 and signs are growing that the coronavirus will take a heavier toll on the labour market as the government winds down its huge job-protection scheme.
Emaar Malls reported revenue of Dhs1.657 billion ($ 451 million) in the first half of 2020. With a first-half net profit of Dhs345 million ($ 94 million) the result demonstrates the resilience of the business.
Dubai Land Department, in cooperation with Property Finder, launched the fourth edition of Mo’asher, Dubai’s official sales price index. The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012,