EU Economy Shrunk 11.9 Percent in the First Quarter!

EU Economy Shrunk 11.9 Percent in the First Quarter!

The European Union (EU) economy contracted by 11.9 percent in the second quarter of this year, according to a statement by the European Statistical Office (Eurostat). The Covid-19 epidemic, which affected the whole world and caused many countries to experience a financial crisis, also deeply shook the EU economy. Making a statement on the subject, Eurostat emphasized that the EU economy shrank by 11.9 percent in the second quarter of 2020 compared to the first quarter. According to the announcement, the seasonally adjusted Gross Domestic Product (GDP) in the Euro Area decreased by 12.1 percent in the second quarter of this year. In the EU, seasonally adjusted GDP in the second quarter decreased by 11.9 percent compared to the first quarter and 14.4 percent compared to the same period last year. In this statement, the decline percentages of GDP in the countries compared to the first quarter are listed as follows: Spain 18.5 percent France 13.8 percent Italy 12.4 percent Germany 10.1 percent Belgium 12.2 percent Austria 10.7 percent Portugal 14.1 percent Based on these rates, the growth data measurement in the EU and Eurozone, which started in 1995, experienced the most severe decline in its history.