Economy Euro zone GDP contracts by a record 3.8% in the first quarter Updated : April 30, 2020 03:32 PM IST Thursday’s preliminary reading is the lowest since records began in 1995. Second-quarter data could be much worse. The French economy contracted 5.8% in the first three months of 2020. This was the sharpest decline since records began in 1949. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.