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09 Sep 2020

Eurostat: GDP down 11.8% in euro area

According an estimate published by Eurostat, the European statistics office, during the second quarter of 2020, still marked by COVID-19 containment measures in most Member States, seasonally adjusted GDP decreased by 11.8% in the euro area and by 11.4% in the EU compared with the previous quarter. Eurostat points out that these were by far the sharpest declines observed since the time series started in 1995. In the first quarter of 2020, GDP had decreased by 3.7% in the euro area and by 3.3% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 14.7% in the euro area and by 13.9% in the EU in the second quarter of 2020, after -3.2% and -2.7% respectively in the previous quarter. These were also by far the sharpest declines since the time series started in 1995.

Among Member States for which data are available for the second quarter of 2020, Spain (-18.5%) recorded the sharpest decline of GDP compared to the previous quarter, followed by Croatia (-14.9%), Hungary (-14.5%), Greece (-14.0%), Portugal (-13.9%) and France (-13.8%). The lowest declines of GDP were observed in Finland (-4.5%), Lithuania (-5.5%) and Estonia (-5.6%), followed by Ireland (-6.1%), Latvia (-6.5%) and Denmark (-6.9%).

The number of employed persons decreased by 2.9% in the euro area and by 2.7% in the EU in the second quarter of 2020, compared with the previous quarter. These were also the sharpest declines observed since the time series started in 1995. In the first quarter of 2020, employment had decreased by 0.3% in the euro area and by 0.2% in the EU.

For more information:

Eurostat - press release

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