The European Union’s economy fell by a record 11.7 percent in the second quarter, mainly due to coronavirus restrictions. Year-on-year, gross domestic product (GDP) fell by 14.1 percent. According to a report by the European statistical office Eurostat. The decline is milder than the quick estimate from the end of July. Eurostat estimated a decrease compared to the first quarter to 11.9 percent compared to the second quarter of last year at 14.4 percent.
The euro area economy contracted by 12.1 percent year-on-year and by 15 percent year on year, which was expected by the first quick estimate.
Today’s report emphasized that these are by far the most significant declines since 1995.
According to Eurostat, Spain (18.5 percent), Hungary (14.5), Portugal (13.9), and France (13.8) recorded the most significant declines among individual countries compared to the previous three months. Germany was slightly better off, with GDP down 10.1 percent from the first quarter.
According to Eurostat, the Czech economy contracted by 8.4 percent, the Slovak economy performed by a tenth of a percentage point better. The Polish economy contracted by 8.9 percent and entered a recession for the first time since the fall of communism. On the other hand, the best quarter-on-quarter comparison was Finland, whose economy contracted by 3.2 percent in the second quarter.