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The Great Depression affected France from about 1931 through the remainder of the decade. The crisis affected France a bit later than other countries, hitting around 1931.[1] While the 1920s grew at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%.[2] The depression was relatively mild: unemployment peaked under 5%, the fall in production was at most 20% below the 1929 output; there was no banking crisis.[3] The depression had some effects on the local economy, which can partly explain the 6 February 1934 crisis and even more the formation of the Popular Front, led by SFIO socialist leader Léon Blum, who won the election of 1936
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