Friday 14 August 2020 10:27 am

Eurozone GDP contracts 12 per cent on coronavirus impact

The Eurozone economy shrank 12.1 per cent in the second quarter following the impact of the coronavirus pandemic, according to figures released today.

Year-on-year the Eurozone economy shrank 15 per cent in the second quarter, according to the figures from Eurostat, the statistical office of the European Union.

Eurostat also said the economy of the EU overall shrank 11.7 per cent in the second quarter compared to the previous quarter.

Read more: Eurozone business activity grows at fastest pace in two years

These are by far the sharpest declines observed since the series started in 1995, Eurostat said.

In the first quarter of 2020, GDP decreased 3.6 per cent in the euro area and 3.2 per cent in the EU.

Eurostat today reiterated the figures that showed how much the Eurozone had shrunk, having published preliminary figures two weeks ago.

The number of people employed in the euro area decreased 2.8 per cent and the number of people employed in the EU by 2.6 per cent in the second quarter of 2020, compared with the previous quarter. 

Read more: Eurozone economy shrinks by record 12 per cent as pandemic bites

These were the sharpest declines observed since the series started in 1995, Eurostat said.

 In the first quarter of 2020, employment had decreased by 0.2 per cent in the euro area and by 0.1 per cent in the EU.

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