Impact of the crisis on the Parisian economy in 2020

Paris more affected by the crisis than the rest of the national territory

Avenue de l’Opéra during lockdown © Apur - F.Mohrt

The Covid-19 epidemic provoked an intense and brutal economic crisis in France which was cushioned by the various support measures put in place by the State. Paris was particularly affected due to the specific nature of its economy.

During the course of 2020, 45,700 jobs were lost in Paris, representing a regional loss of 44% and a national loss of 15%.
The fall in the number of jobs in Paris was mainly due to the market service sector, excluding temporary work (-16,400 jobs), which includes the sectors most durably affected by the crisis such as tourism, commerce and culture. Conversely, salaried employment rose higher than at the end of 2019 in the construction sector (+1,300) and non-market services (+5,700). 

In the whole of 2020, the rate of unemployment increased by 0.5 points in Paris while it fell very slightly in Metropolitan France. This affected 6.8%  of the working population at the end of December 2020. The rise in unemployment appears relatively moderate in view of the magnitude of the drop in activity and the economic difficulties encountered by numerous companies.
There were almost 20,000 extra job seekers (category A) in Paris in 2020, an increase of 15.7%. Despite a sharp rise in business start ups from May to October 2020, the total number of businesses created in Paris fell by 2% in 1 year.

The support measures put in place by the State enabled the effects of this crisis in Paris to be cushioned: the Solidarity Fund benefited 146,661 Parisian companies through the year 2020 for a total of 2,257 million euros, while the State-guaranteed loan benefited over 56,660 Parisian companies for the total sum of 19,390 million euros.

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Observatoire de l'économie parisienne

Infographie - Impacts de la crise sur l’économie parisienne en 2020 © Apur

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    Impact of the crisis on the Parisian economy in 2020 - Paris more affected by the crisis than the rest of the national territory

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