French growth rebound fails to materialise in Q1

30 May, 2021 12:00 AM printer

PARIS: A much-expected rebound of France’s Covid-battered economy failed to materialise in the first quarter as key sectors remained sluggish after over a year of virus restrictions, official data showed Friday.

Gross domestic product contracted by 0.1 percent in the first three months of the year, the Insee statistics agency said, in a sharp reversal of its previous estimate of 0.4 percent growth, reports AFP.

French authorities began ordering business closures and travel bans in several regions in March—the tail end of the quarter—ahead of a third round of coronavirus restrictions implemented in April to curb rising Covid cases.