The French economy shrank in the first quarter, according to a new data on Friday showing that GPD had not expanded as previously estimated. Gross domestic product contracted by 0.1 percent in the first three months of the year, the Insee statistics agency said, drastically revising its previous estimate of 0.4 percent growth. Insee said the figure was sharply revised because data showed construction had fared worse than previously estimated. Investment, household spending and production also did not perform as well as thought. French authorities began ordering business closures and travel bans in several regions in March -- the tail end of the quarter -- ahead of a third national lockdown implemented in April to curb rising Covid cases. France has since entered a phased reopening of the country. mhc/lth/ach