Eurozone and EU GDP fell by record levels in the first quarter
Compared to the previous quarter, euro area and EU gross domestic product fell by the largest amount ever recorded in the first quarter, according to a preliminary report by Eurostat, the European Union’s statistical office. On an annual basis, GDP decline has proven to be the largest since 2009.
In the first quarter, the gross domestic product (GDP) of the 19 member states of the euro area decreased by 3.8 percent year-on-year and by 3.3 percent in the 27 member states of the European Union. The rate of quarterly decline is the highest since the start of statistics on a comparable basis since 1995. (MTI)
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