Euro Area GDP Fell By A Record Of 14.4% In Q2 2020 Compared To Q2 2019
The EU's GDP, according to preliminary estimates, fell by 14.4% in the second quarter compared to the same period in 2019, according to the European Statistical Agency Eurostat.
According to its data, this decline was the most serious since the beginning of observations in 1995. The GDP of the primary countries of community-France and Germany-decreased by 19% and 11.7%, respectively. The largest decline is observed in Spain: compared to the same period last year, the Kingdom's GDP decreased by 22.1%. The least affected by the coronavirus pandemic was Lithuania's economic performance, which declined by only 3.7% compared to the second quarter of 2019.
GDP down by 12.1% in the euro area and by 11.9% in the EU -15.0% and -14.4% respectively compared with the second quarter of 2019 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.