GDP of the European Union in the II quarter fell by a record 14.1%

According to the second estimate of the European statistical agency Eurostat, the GDP of the EU countries in the second quarter fell by 14.1% in annual terms. On a quarterly basis, the indicator decreased by 11.7%.

In the second quarter of the year, the economies of 19 eurozone countries contracted by 12.1% in quarterly terms and by 15% in annual terms. All indicators were in line with analysts' forecasts and the agency's first estimate.

Eurostat noted that the decline in all indicators was the strongest since the start of statistics in 1995. Thus, the European economy has been declining for two quarters, which suggests that Europe has entered a recession. In the first quarter of 2020, the decline in GDP of 19 eurozone countries amounted to 3.6% in quarterly terms and 3.1% in annual terms. The EU economy contracted by 3.2% in Q1 and 2.5% in annual terms in Q1.