Eurozone recession 14.7% in the second quarter - 2.9% drop in employment

I just read another negative news for Europe! My country is the fifth with the biggest recession ☹

Slightly lower-than-expected declines were recorded in the eurozone in the second quarter of the year, but the contraction in GDP of 14.7% is the sharpest in history. The main reason is the drop in consumer spending due to the restrictions imposed by Covid-19.

More specifically, GDP decreased by 11.8% compared to the first quarter and by 14.7% on an annual basis, according to data released by Eurostat.

The initial estimate at the end of July spoke of a decline of 12.1% on a quarterly basis and 15% on an annual basis. The period April - June was the worst in terms of restrictions imposed due to coronavirus.

In the first quarter of the year, the contraction was already at 3.7% on a quarterly basis and at 3.2% on an annual basis.

The largest recession was recorded in Spain (-22.1%), France (-19%), Italy (-17.3%), Portugal (-16.3%) and Greece (-15.2%).

Eurostat also announced a 2.9% drop in employment. It was also the sharpest negative move since 1995, according to the European Statistical Office.

Souse,

https://www.mikrometoxos.gr/yfesi-rekor-14-7-stin-eyrozoni-to-v-trimino/

Posted Using LeoFinance