EU Couldn’t Prevent Economic Crisis
European Union countries could not stop the economic crisis despite the measures taken after the coronavirus epidemic. Countries announced their growth figures in succession during the epidemic. The European Union economy contracted by 11.9 percent in the second quarter of this year compared to the previous quarter due to the epidemic.
The European Statistical Office (Eurostat) has released leading data on the growth rates of the European Union and the Euro Area for the second quarter of this year. According to these data, seasonally adjusted GDP in the 19-member Eurozone fell 12.1 percent in the second quarter of 2020 compared to the previous quarter.
In the Euro Area, GDP decreased by 15 percent in the second quarter of this year compared to the same period of the previous year. In the European Union, seasonally adjusted GDP decreased by 11.9 percent in the second quarter of 2020 compared to the previous quarter and by 14.4 percent compared to the second quarter of the previous year.
Data Has Published Successively
In the second quarter of 2020, GDP is 18.5 percent in Spain, 13.8 percent in France, 12.4 percent in Italy, 10.1 percent in Germany, 12.2 percent in Belgium, compared to the first quarter, decreased 10.7 percent in Portugal and 14.1 percent in Portugal. However, the most severe decline has been recorded since 1995, when the measurement of the said growth data started in the EU and the Eurozone.
On the other hand, in the first quarter, the Eurozone contracted by 3.6 percent and the EU by 3.2 percent.