France in Double-Dip Recession at Start of 2021 After Revisions

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France’s statistics agency cut its estimate of economic output at the start of the year, showing the euro area’s second largest economy slipped into a recession for the second time in the Covid pandemic.

Gross domestic product declined 0.1% in the first quarter as construction was much weaker than early data had shown. Insee had initially reported growth of 0.4%.

A separate release showed the second quarter of the year began on a weak footing with consumer spending falling 8.3% in April from the previous month, more than twice as much as economists forecast.

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