News

Eurozone GDP drops 12.1% in record pandemic plunge

Eurozone GDP drops 12.1% in record pandemic plunge

The eurozone's economy took an unprecedented hit due to coronavirus pandemic, with the bloc's GDP contracting by 12.1% in the second quarter of 2020, EU officials said in preliminary estimates published on Friday.

The pandemic had the largest impact on Spain, the EU's fourth-largest economy, which saw its GDP plunge by 18.5%.

EU Economy Commissioner Paolo Gentiloni said "all European countries" suffered unprecedented consequences.

"The hard part of this recovery is set to start about now."

Germany announced on Thursday its largest drop in GDP since it began keeping quarterly records in 1970.

Source: www.dw.com

Latest News, Photos & Videos