With a pandemic, Eurozone GDP declines by 12.1% in the second quarter

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The euro area’s Gross Domestic Product (GDP) shrank 12.1% in the second quarter of 2020 compared to the previous three months, suffering the biggest contraction in a historical series started in 1995, amid the impact of the covid-19 pandemic, according to preliminary data released on Friday (31) by the European Union’s official statistics agency, Eurostat.

In relation to the same period last year, the bloc’s GDP registered a fall of 15% between April and June. Analysts surveyed by The Wall Street Journal had predicted smaller declines, 11.3% in the quarterly comparison and 14% in the annual comparison.

Eurostat also revised the eurozone GDP retraction in the first quarter from the fourth quarter of 2019, from 3.8% to 3.6%. Source: Dow Jones Newswires.

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The euro area’s Gross Domestic Product (GDP) shrank 12.1% in the second quarter of 2020 compared to the previous three months, suffering the biggest contraction in a historical series started in 1995, amid the impact of the covid-19 pandemic, according to preliminary data released on Friday (31) by the European Union’s official statistics agency, Eurostat.

In relation to the same period last year, the bloc’s GDP registered a fall of 15% between April and June. Analysts surveyed by The Wall Street Journal had predicted smaller declines, 11.3% in the quarterly comparison and 14% in the annual comparison.

Eurostat also revised the eurozone GDP retraction in the first quarter from the fourth quarter of 2019, from 3.8% to 3.6%. Source: Dow Jones Newswires.

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