Eurozone Economy Contraction Confirmed at 12.1% in Q2

The eurozone economy on Friday shrank by 12.1 per cent in the second quarter of the year, the EU’s statistical office confirmed.
The record contraction of the euro area’s Gross Domestic Product (GDP), was first announced at the end of July. Eurostat’s second flash estimate released on Friday confirms the grim picture.
However, while the figures for the eurozone remained the same, the office slightly corrected the estimate for the EU’s GDP.
The July estimate pinned it at 11.9 per cent, while the second estimate showed an 11.7-per-cent contraction of the EU’s economic output.
The economic contraction is largely attributed to coronavirus containment measures. Countries worldwide have imposed coronavirus-related restrictions, such as lockdowns or travel restrictions.
However, with tourism largely grinding to a halt and trade being severely affected, the global economy was expected to see one of the worst recessions since World War II.
Spain saw the sharpest decline in GDP at 18.5 per cent, but other countries were similarly hard hit. Hungary saw a drop by 14.5 per cent, France by 13.8 per cent and Portugal by 13.9 per cent.
Meanwhile, Britain saw an even sharper decline than any EU country, coming in at 20.4 per cent.