The European Union (EU) Economy Has Contracted!

The European Union (EU) Economy Has Contracted!

The European Union (EU) economy shrank by 3.2 percent in the first quarter of the year due to the coronavirus (Covid-19) outbreak. The European Statistical Office (Eurostat) published the first quarter growth data of the EU and the Eurozone in 2020. According the published data, a shrinkage was observed in the first quarter of the year compared to the previous quarter. In the Euro Zone, which has 19 members, GDP, which was created on a seasonal basis, was 3.6 percent in the first quarter of 2020 compared to the previous quarter; It decreased by 3.1 percent compared to the same period of 2019. GDP, based on seasonality in the European Union (EU), was 3.2 percent in the first quarter of 2020 compared to the previous quarter; Compared to the first quarter of 2019, it decreased by 2.6 percent. Among the countries that are members of the European Union (EU), Ireland is 1.2 percent in the first quarter of the year compared to the previous quarter; Bulgaria and Romania grew by 0.3 percent and Sweden by 0.1 percent. In the mentioned period, while France and Italy shrank 5.3 percent; Spain and Slovakia shrank 5.2 percent.