The euro zone economy contracted by 12.1% in the second quarter of 2020, compared to the first three months of the year, according to preliminary data from the region’s statistics office.
The euro zone economy contracted by 12.1% in the second quarter of 2020, compared to the first three months of the year, according to preliminary data from the region’s statistics office.
Friday’s reading is the lowest since records began in 1995. The region’s largest economies contracted by two-digits during the period due to strict lockdown measures brought about by the coronavirus pandemic. German GDP (gross domestic product) contracted by 10.1%; Italy’s sank by 12.4%; France’s fell by 13.8%; and Spain’s shrank by 18.5%. The latter was the worst performing economy over the second quarter.
