According to second estimate, France GDP dropped -5.3% in Q1, revised down from -4.8% in first estimate. Household consumption expenditure recorded an unprecedented drop (-5.6%). Total gross fixed capital formation (GFCF) fell even more sharply (-10.5%). All in all, total domestic demand (excluding changes in inventories) contracted: it contributed -6.0 points to GDP growth.
Imports fell (-5.7%), but less sharply than exports which fell by -6.1%. Overall, the contribution of foreign trade balance to GDP growth was zero. Conversely, changes in inventories contributed positively to GDP growth (+0.6 points).