The graphic above indicates the annual percentage GDP growth in France from 1961 to 2010. Throughout this period there were three distinct moments when growth went into sharp decline, at -1.12 in 1975, -0.67 in 1993, and most severely to -2.73 in 2010.

It is notable that on each occasion when there is negative growth, the economy appears to rebound the following year. From the low of 1975, for example, we see growth of 4.39 in 1976. Indeed the oil crisis in 1973 would have helped to decrease GDP growth rapidly, and the subsequent lifting of the embargo explains the equally sharp incline.

The -2.73 low in 2009, was followed by growth of 1.48 in 2010. This quick recovery is explained largely by the French government’s response to the financial collapse of 2008, in which they pursued a programme of aggressive stimulus and investment measures aimed at restoring economic growth.