The Eurozone’s GDP fell dramatically by more than 12% in the second quarter of 2020.
New figures from Eurostat today reveal that GDP is down by 12.1% in the Eurozone and by 11.9% in the EU as a whole.
Eurostat report that: “In the second quarter 2020, still marked by COVID-19 containment measures in most Member States, seasonally adjusted GDP decreased by 12.1% in the Euro area and by 11.9% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.
“These were by far the sharpest declines observed since time series started in 1995. In the first quarter of 2020, GDP had decreased by 3.6% in the Euro area and by 3.2% in the EU.”
Spain’s GDP fell by 18.5%, Portugal down by 14.1% and France down 13.8%.