France's GDP Grows 0.4% in Q1 Despite Curfew Measures

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] The French economy returned to positive growth after one quarter.

On the 30th (local time), the French National Institute of Statistics announced that the country's Gross Domestic Product (GDP) in the first quarter of 2021 increased by 0.4% compared to the previous quarter. In the fourth quarter of last year, the GDP growth rate contracted by -1.4% due to movement restrictions and nighttime curfews imposed across France.

Although the curfew continued from January to March this year, the economy showed slight growth as consumption increased alongside the easing of lockdown measures. Household consumption, which sharply declined by 5.7% in the fourth quarter of last year when the second lockdown was introduced, rose by 0.3% in the first quarter of this year.

The statistics office projects an economic growth rate of 4.1% for this year.