Covid-19: French economy shrinks by record 13.8%, still beats estimates

The contraction in France was steeper than the 10.1% reported by Germany, where authorities kept a surge in Covid-19 related deaths in check and did not enforce a lockdown as strict as France's

The French economy contracted by a post-war record of 13.8% in the second quarter, as consumption, investment and trade all collapsed under a lockdown imposed to contain the Covid-19 pandemic, although the drop was shallower than expected.

The contraction in the euro zone's second-largest economy was steeper than the 10.1% reported by Germany, where authorities kept a surge in Covid-19 related deaths in check and did not have to enforce a lockdown as strict as France's.

The French lockdown was stringently enforced until May 11, with non-essential shops shut down, and gradually lifted over the course of the second quarter, with cafes and restaurants