October 31, 2020

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Corona virus is wreaking havoc in the eurozone

Corona virus is wreaking havoc in the eurozone

The corona virus and the related blockage have caused chaos in the euro zone. This emerges from the figures published by the European statistics agency Eurostat on Friday.

From April to June, the euro zone shrank by 12.1 percent compared to the first quarter. According to Eurostat, this is by far the largest decline since measurements began. The number is based on a preliminary estimate and corresponds to the average expectation of economists.

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The euro area economy saw a 3.6 percent decline in the first quarter. To give an idea of ​​the seriousness of the situation: for Belgium, the contraction means that the economic growth of the past 10 years has been erased in a single quarter.