Euro area and EU GDP declined at a record pace in the first quarter

The European Union’s statistical office, Eurostat, said on Tuesday as a non-definitive figure that in the first quarter, the gross domestic product (GDP) of the 19 member states of the euro area fell by 3.6 percent quarter-on-quarter and by 3.2 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)