Reuters
- Eurozone GDP fell by 12.1% in the second quarter, its biggest decline in history.
- This is significantly higher than the Eurozone's Q1's GDP contraction of 3.6%
- Spain was the worst hit country, suffering an 18.5% decline compared to the previous quarter.
- The European Union clinched a historic deal last week on an $860 billion recovery fund aimed at the reconstruction of the 27-member bloc.
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Eurozone GDP fell by 12.1% in the second quarter of the year, its biggest single quarter drop in history as the coronavirus' true impact on the continent's economy emerges.
GDP fell by 12.1% in the euro area and 11.9% in the wider EU in the second quarter of the year, data by Eurostat showed Friday.
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See Also:
- US GDP report showed 'how big of a hole we have to dig ourselves out of': Here's what 5 economists are talking about following the record output slump
- US GDP plunged by a record 33% annual rate in the 2nd quarter as coronavirus lockdowns raged
- States that reopened the earliest from pandemic-driven shutdowns saw no economic gains, study shows
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