Eurozone Q2 GDP Falls 12.1%... "Largest Decline on Record"

Largest Since 1995 Statistics Due to COVID-19 Impact
Surpassing the Global Financial Crisis

[Image source=EPA Yonhap News]

[Asia Economy Reporter Hyunju Lee] The Eurozone (19 countries using the euro) saw a sharp decline in its second-quarter gross domestic product (GDP) growth rate.

According to Eurostat, the statistical office of the European Union, the Eurozone's GDP growth rate for the second quarter of this year (April to June) recorded a provisional figure of -12.1%.

This is the largest decline since related statistics began to be compiled in 1995. It surpassed the quarterly decrease during the global financial crisis.

The significant drop is attributed to the impact of the novel coronavirus disease (COVID-19). EU member countries implemented lockdown measures starting in March to prevent the spread of COVID-19.

On an annualized basis, the decrease was 15.0% (provisional figure).