French GDP plummets by 5.8% in Q1, worse than expected
|France reported a plunged of 5.8% in its Gross Domestic Product in the first quarter of 2020, worse than a quarterly fall of 4% expected. Year on year, output shrank by 5.4%, more than a 3.6% forecast. That is the worst quarter on record and the spring quarter will likely be worse.
The eurozone's second-largest economy imposed a nationwide lockdown in mid-March and will only relax them in mid-May. Additional European growth, inflation, and employment figures are due out throughout the morning, ahead of the European Central Bank's decision.
EUR/USD is trading around 1.0863, steady in range.
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