Eurozone GDP plunges by 12.1% in Q2
Thursday, 08 06 2020, Category: Economy, Country: Europe
Gross domestic product (GDP) across the euro area plunged by a record 12.1% in the second quarter, compared to the previous quarter, as coronavirus lockdowns brought commercial and social life to a standstill and plunged the bloc into a deep recession.
Output in the 19-country currency block had declined by 3.6% in the first quarter. Today’s second-quarter data however is the biggest drop in GDP since record-keeping started in 1995.
The EU’s major economies also released their own quarterly data this week.
Germany, the bloc’s largest economy reported a GDP decline of 10.1% in the April-to-June quarter. The federal statistics bureau described it as “the steepest decline since quarterly GDP calculations for Germany began in 1970… even more pronounced than during the financial market and economic crisis.”