Corona crisis: dramatic economic slump in the eurozone

Corona crisis: dramatic economic slump in the eurozone

In the eurozone, economic output has suffered the strongest burglary for 25 years in the second quarter because of the Corona crisis. In the months of April to June, gross domestic product (GDP) has shrunk by 12.1 percent in the quarter-perception of the quarter compared to the quarterly comparison, the Statistics Agody of Eurostat was announced on Friday after a first estimation. This is the strongest minus since the beginning of the 1995 survey.

Hope for recreation

The burglary followed for an already significant rint of economic output in the first quarter. In the months of January to Marz, GDP had shrunk by 3.6 percent in the waistband. Since Marz, the economy suffers from males on the occasion of the Corona Pandemic. After the crisis had reached its flow of the crisis in April, the Eurozone states have begun to relax in their corona measures since May.

Spain reports the highest economic slump in Europe. In the second quarter, Spanish economic performance shrank by 18.5 percent in the quarterly comparison. It is the strongest burglary that Spain has made so far. Above all, the tourism industry, which plays an important role in the Spanish economy suffers from the consequences of the Corona Pandemic.

Not as strong as analysts, the jerking fell in France and Italy. In addition to Spain, the two countries pay to the member states of the Eurozone, which were hit by the corona crisis with the most strongest. In France, the second grave economy of the eurozone, the economy shrank dramatically in the months of April to June by 13.8 percent. Experts had expected an even stronger slump by 15.2 percent.

Help package of states and the EU

Also in Italy there was a fierce economist, but also not as bad as excavated. In the second quarter, gross domestic product shrank by 12.4 percent in the quarterly comparison and thus never since the beginning of this survey 1995.

Already on Thursday, a slowdown in Germany had been reported. Gross domestic product shrank by 10.1 percent in the largest European economy in the second quarter. It was the strongest racy since the beginning of the quarter-year GDP calculations in 1970.

Currently, national governments and the European Central Bank (ECB) with extensive aid packages against the economic consequences of the Corona crisis. The EU had also decided a comprehensive macual package. Youngest mood indicators suggest that the economy has reached its low in the second quarter and from the third quarter to expect an economic recovery.

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