8/14, 11:01 AM (Source: TeleTrader)
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Eurozone GDP falls 12.1% in Q2

The seasonally adjusted gross domestic product (GDP) in the euro area contracted by a seasonally adjusted 12.1% in the second quarter of 2020 compared to the previous trimester, according to an estimate released by Eurostat on Friday. In the entire European Union (EU27), the economy shrank by 11.7% on a quarterly basis. Both figures represent the steepest GDP drops since the report started getting published in 1995.

GDP contracted by 15% in the Eurozone and by 14.1% in the EU27 in the second quarter compared to the same time span a year ago.

Quarter on quarter, the employment declined by 2.8% in the euro area and by 2.6% in the entire bloc for the second three-month period of 2020. Additionally, the figure was down 2.9% the euro area and it decreased by 2.7% in the whole EU in the second quarter on a yearly basis.

Breaking the News / VP