Capstone:EU GDP shrank 11.4% month on month in the second quarter, and Spain's recession is the most serious!


2020-09-10 13:03      from:Capstone    author:Jeff

Capstone:According to the data released by Eurostat on September 8 local time, the final value of euro zone GDP decreased by 11.8% month on month in the second quarter of this year, and the European Union's GDP fell by 11.4% month on month in the second quarter of this year, both of which recorded the largest decline since records began in 1995. On the other hand, Europe still faces huge employment challenges. Both the euro zone and the European Union saw the biggest drop in employment in the second quarter on record.

Compared with the second quarter of last year, GDP of the euro area and the European Union fell by 14.7% and 13.9% respectively, the largest decline since records began in 1995. The report pointed out that the decline in GDP in the second quarter was mainly affected by the sharp decline in consumer spending, with a month on month decline of 12.4%.

From the perspective of EU Member States, Spain (- 18.5%) had the most severe recession in the second quarter, followed by Croatia (- 14.9%), Hungary (- 14.5%), Greece (- 14.0%), Portugal (- 13.9%) and France (- 13.8%). Finland was the least affected country, with GDP of - 4.5% in the second quarter.

On the other hand, employment fell by 2.9% in the euro area and 2.7% in the European Union in the second quarter, which were also the largest declines on record. Eurostat estimates that compared with the highest level in the fourth quarter of 2019, employment in the euro zone decreased by 5.1 million, or 3.2%, in the second quarter, and by 6.1 million, or 2.9%, in the European Union.

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