Eurozone second quarter GDP contraction revised to 11.8%

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European Union

THE eurozone’s gross domestic product shrank slightly less than initially estimated in the second quarter but still saw a dramatic plunge of 11.8 percent, according to revised statistics released on Tuesday.

Eurostat’s first estimate, published in July, had put the fall in economic output at 12.1 percent in the 19-country currency area.

The broader European Union (EU) economy also fared slightly better than previously thought, according to the bloc’s statistical office.

The first estimate saw Gross Domestic Product (GDP) contract by 11.9 percent in the 27 EU countries, but this was revised downwards on Tuesday to 11.4 percent.

Despite the revisions, the second-quarter results are still the worst quarterly downturn on record since Eurostat started releasing the figures in 1995.

The dramatic GDP contraction has been attributed mainly to coronavirus (COVID-19) containment measures that saw many shops, factories and restaurants shuttered in Europe.

Spain was hit the hardest of the EU member states, with 18.5 percent wiped off its GDP. (dpa/NAN)

– Sept. 8, 2020 @ 13:37 GMT |

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