Up to minus 19 percent In the Euro area as a whole, the economy is shrinking significantly

In all the 19 countries of the Eurozone the economy in the Corona-crisis under the wheels. The gross domestic product (GDP) decreased in the period from April t

Up to minus 19 percent In the Euro area as a whole, the economy is shrinking significantly

In all the 19 countries of the Eurozone the economy in the Corona-crisis under the wheels. The gross domestic product (GDP) decreased in the period from April to June, quarter-on-quarter to 12.1 percent, the European statistics office Eurostat announced on Friday on the Basis of a provisional estimate.

This is the strongest decline since the beginning of the time series in 1995. Experts had expected a break-in of this magnitude, with economic output declined in the first quarter to 3.6 percent.

The economy in the Euro area, and in particular large parts of the industry was already hit in the Corona-crisis gone and stecktnun deep in recession. The two largest economies in the Euro-Zone were hit hard: In Germany, the GDP shrank by 10.1 percent, in France by 13.8 percent.

But also in Italy, the Wirtschaftso broke in the last 25 years. There, the GDP shrank in the second quarter to 12.4 percent compared to the previous quarter, the national statistics Institute Istat announced on Friday. It is the strongest economic downturn since the beginning of this survey in 1995.

in the first quarter, the third largest economy in the Euro zone of the Corona-crisis had been hit. In the months of January to March, the Italian economy was in a declined performance in the quarter compared to a revised 5.4% (previously 5.3 per cent).

experts had expected for the second quarter, however, with a significantly larger setback and were expected to decline to 15.5 percent. Measures to curb Corona pandemic, especially in the second quarter.

dertour-ISM sector suffers until today

Even more shaken nThe economist in Portugal (down 14.1 percent) and Spain (minus 18.5 percent was). Spain has slipped garin the deepest recession in its history. The gross domestic product (GDP) fell in the spring by 18.5 percent quarter-on-quarter. The Minus is even greater than the expectation of the specialist leutevon 16.6 percent, after the economy had shrunk between Barcelona and Sevilla in the first quarter to 5.2 percent.

The previous year was in the spring of even a drop of 22.1 percent. The economy was before the outbreak of the pandemic over the years to be stable. But the home and contact restrictions to curb the Virus spread, let the economy crash. In particular, for Spain, very important tourism sector suffers today from the consequences of the pandemic.

Updated Date: 31 July 2020, 10:20

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