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. While the 1920s grew at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%. 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. 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.