#16821 ·
The French GDP dropped by 5.8% in the first quarter, while Spain saw a 5.2% dip and Italy fell by 4.8% compared to the previous three months—marking their steepest declines since statistical agencies started tracking this data.
Since this marks the second consecutive quarter of shrinking GDP, I guess France is technically in a recession now.
That first-quarter drop is actually the largest since World War II, even surpassing the decline seen in the second quarter of 1968, when civil unrest and strikes caused activity to tumble by 5.3%.
As for Spain, that 5.2% decrease in the first quarter is probably their biggest slump since the Bureau of Economic Analysis began releasing these kinds of reports back in 1970.
Since this marks the second consecutive quarter of shrinking GDP, I guess France is technically in a recession now.
That first-quarter drop is actually the largest since World War II, even surpassing the decline seen in the second quarter of 1968, when civil unrest and strikes caused activity to tumble by 5.3%.
As for Spain, that 5.2% decrease in the first quarter is probably their biggest slump since the Bureau of Economic Analysis began releasing these kinds of reports back in 1970.
