European GDP records the largest drop in the second quarter

The Eurozone economy recorded a slight drop below initial expectations in the second quarter, but the drop remains the largest ever due to the collapse in consumer demand due to COVID-19 restrictions.

According to Reuters, GDP fell 11.8 percent compared to the previous quarter and by 14.7 percent year on year according to data from the European statistics office Eurostat on Tuesday.

and initial estimates of decline of 12.1 percent and 15 percent, respectively, were reported at the end of July.

and the contraction in the period from April to June during the imposition of isolation measures on the continent to contain Covid-19, is the largest since data collection began in 1995. < / p>

In the first three months of this year, the economy actually shrank 3.7 percent on a quarterly basis and 3.2 percent year on year. The decline was steepest in the second quarter compared to the previous quarter in Spain, Greece, Portugal and France.

Eurostat also reported that employment also fell in the second quarter by 2.9 percent, the largest drop since records began in 1995, after a 0.3 percent drop in the first quarter of this year. .

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