EU Economy Contracted by 11.4 Percent in the Second Quarter

EU Economy Contracted by 11.4 Percent in the Second Quarter The EU economy contracted by 11.4 percent in the second quarter. This decrease in the EU economy was caused by the Coronavirus (Covid-19) pandemic. The European Statistics Office (Eurostat) announced the growth statistics of the EU and the Eurozone for the second quarter of 2020. According to the data announced, the GDP in the 19-member Euro Zone, not based on seasonal effects, decreased by 11.8 percent in the second quarter of the year compared to the previous quarter; Compared to the same period of 2019, it decreased by 14.7 percent. In the EU, the GDP, which is not based on seasonal effects, decreased by 11.4 percent in the second quarter compared to the first quarter; It fell 13.9 percent compared to the second quarter of 2019. The Hardest Fall Since 1995 GDP in the second quarter of the year compared to the first quarter was 18.5 percent in Spain, 14.9 percent in Croatia, 14.5 percent in Hungary, 14 percent in Greece, 13.9 percent in Portugal and France. 13.8 percent in Italy, 12.8 percent in Belgium, 12.1 percent in Belgium, 10.4 percent in Austria and 9.7 percent in Germany. In the second quarter, compared to the same period of 2019, GDP was 22.1 percent in Spain, 18.9 percent in France, 17.7 percent in Italy, 16.3 percent in Portugal, 15 percent in Greece. 2 fell by 14.4 percent in Belgium and 11.3 percent in Germany. According to these data, the sharpest decline was experienced since 1995, when growth data began to be measured in the EU and the Eurozone. While the Euro Zone decreased by 3.7 percent in the first quarter; The EU had a decrease of  3.3 percent.