Eurostat released the latest revised data on the 8th, showing that due to the impact of the new crown epidemic, the euro zone’s gross domestic product (GDP) fell by 11.8% from the previous quarter, and the EU’s GDP fell by 11.4% from the previous month. This is the largest economic decline since the EU had statistics in 1995.
Compared with the same period in 2019, the Eurozone and EU GDP fell by 14.7% and 13.9% respectively in the second quarter of this year, which was also the largest drop since 1995. In the first quarter of this year, the Eurozone and EU GDP fell by 3.7% and 3.3% respectively from the previous quarter and 3.2% and 2.7% year-on-year.
Among EU countries, Spain had the most severe month-on-month decline in GDP in the second quarter, with a decline of 18.5%; Finland had the smallest decline in the second quarter, with 4.5%.
A large-scale outbreak of the new crown epidemic began in Europe in March this year. Since then, EU countries have generally implemented stricter epidemic prevention measures. As the epidemic stabilizes, EU countries have gradually lifted some epidemic prevention measures from the end of May, and started to resume work and production.