قالب وردپرس درنا توس
Home / Business / Eurozone GDP is shrinking at the fastest pace in history, losing 12.1% in the second quarter

Eurozone GDP is shrinking at the fastest pace in history, losing 12.1% in the second quarter



PHOTO: European Central Bank President Christine Lagarde attends a meeting of Eurozone finance ministers in Brussels, Belgium, on February 17, 2020.  Reuters / Francois Lenoir / File PhotoReuters

  • Eurozone GDP fell 12.1% in the second quarter, the largest decline in history.
  • This is significantly higher than the 3.6% decline in Eurozone GDP in the first quarter
  • Spain was the worst country, down 1
    8.5% from the previous quarter.
  • Last week, the European Union signed a historic agreement on a $ 860 billion reconstruction fund to rebuild the 27-nation bloc.
  • Visit the Business Insider homepage to learn more stories.

Eurozone GDP fell 12.1% in the second quarter of the year, the biggest drop in a quarter of history, as there is a real impact of the coronavirus on the continent’s economy.

GDP fell 12.1% in the eurozone and 11.9% in the wider EU in the second quarter, Eurostat data showed on Friday.

This is significantly higher than in the first quarter, when GDP in the Eurozone fell by 3.6% and in the EU – by 3.2%.

The level of GDP was also 15% lower in the euro area compared to the second quarter of 2019 and 14.4% lower in the EU.

Read more: 200 million money managers pay thousands to look at Jim Osman’s list of stocks. Here are 2, he said, they are set to evaporate – and not enough radar IPOs to follow

The countries that suffered the most were Spain, which fell by 18.5% in the second quarter compared to the previous quarter, and Portugal, which fell by 14.1%.

Lithuania recorded the smallest decline of 5.1% compared to the previous quarter.

Spain was one of the first countries to be hit hard by the coronavirus pandemic in Europe, and was one of the first economies to be shut down. In Spain, there was a more severe shutdown compared to other European counterparts, which means even lower economic activity.

Commenting on the latest figures, Las Akinsilar, head of trading on the INFINOX e-commerce platform, said: “Virus outbreaks are now a serious problem not only for the health care systems and economies of EU member states – they are also a threat to the integrity of the bloc.”

Read more: Portfolio manager Jason Tauber is ahead of market profits in 2020. He says these three high-growth companies have “hidden assets” that could make them much more valuable than most investors believe.

“Despite all the odds, European leaders have agreed to a colossal € 750 billion bailout fund at this month’s marathon summit. pressure, “he added.

Last week, European Union leaders reached a landmark agreement on a $ 860 billion fund to rebuild a 27-member bloc.

The exchange of the euro for the dollar was not very responsive to the news and traded at 1.18 euros per dollar.

Read more: GOLDMAN SACHS: Buy these 26 shares now to defeat the market as the “inflated” dollar continues to weaken in the coming months


Source link