The economy of the Euro zone’s record-historical drop published in the 1Q due to the measures, the curbing of the corona virus epidemic, showed in January, the data on Friday.
The Euro-zone, GDP in the first quarter or in the year 2020, it decreased by 3.8% compared with the previous quarter by 3.2% year-on-year, according to a preliminary estimate released on Friday by Eurostat.Economists by Reuters, respondents expected GDP to decline 3.8% on a quarterly basis, and 3.3% on an average annual basis.
Eurostat reported that the decline in the quarterly observation, was the highest on record. Year-on-year basis, the decline is the biggest since the third quarter of 2009, as the GDP in the Euro area fell by 4.5%.
The strongest rate of economic contraction have been observed in France by 5.8% on a quarterly basis, in Slovakia by 5.4% and in Spain by 5.2%.
Italy’s GDP fell by 4.7%, and taking into account a 0.1% decline in the previous quarter, the country is officially in recession.
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