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rdf:type	schema:NewsArticle
schema:articleBody	Consumer spending in France dropped 33.7 percent in April compared with February, before the country went into lockdown to halt the coronavirus outbreak, statistics agency Insee reported Friday. The government ordered businesses shut and residents to stay home on March 17, sending the economy into a tailspin that experts say could persist for months. Compared with March, consumer spending was down 20.2 percent. In the first three months of the year, GPD shrank 5.3 percent, Insee said Friday, less than its initial estimate of a 5.8 percent decline. But the agency warned this week that GDP would probably contract 20 percent in the second quarter under the full effect of the lockdown, which the government began easing only this month. Consumer spending in April was also down by more than a third -- 34.1 percent -- from the same month last year. The recession has also pulled down inflation, which slowed to just 0.2 percent in May from a year earlier, reflecting lower energy prices as well as falling costs for food and manufactured goods such as steel, machinery and textiles, Insee said. More than half of France's private-sector workers found themselves without jobs after the lockdown was imposed, though the government has continued to pay the bulk of their salaries to avoid a surge in layoffs that could prove permanent for many. It has announced 110 billion euros ($120 billion) in financial aid and other relief for businesses, although Finance Minister Bruno Le Maire has nonetheless warned of a "cascade" of company failures. The government has forecast an eight percent GDP slump for the full year, but Insee said this week that the decline would likely be worse. "Households are displaying a marked pessimism concerning France's economic situation," Insee said on Wednesday. boc/soe/shu/js/bmm
schema:headline	French April consumer spending plunges 34% vs February: Insee
schema:mentions	State-owned enterprise Bruno Le Maire World energy consumption Finance minister French language Recession Steel Inflation Gross domestic product Lockdown France Severe acute respiratory syndrome coronavirus 2 Consumer spending Institut national de la statistique et des études économiques Shu Han Spin (aerodynamics)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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