The Eurozone economy contracted slightly below initial expectations in the Q2, but the decline remains the largest ever with the collapse in consumer demand due to COVID-19 restrictions.<\/p>\n\n\n\n
GDP fell 11.8% compared to the previous quarter, and by 14.7% year-on-year, according to data from the European Statistics Office Eurostat on Tuesday.<\/p>\n\n\n\n
Initial estimates were for a decline of 12.1% and 15%, respectively, at the end of July.<\/p>\n\n\n\n
The contraction in the period from April to June, during the imposition of isolation measures on the continent to contain Covid-19, is the largest since data collection began in 1995.<\/p>\n\n\n\n
In the first three months of this year, the economy actually shrank 3.7% on a quarterly basis and 3.2% year on year. The decline was steepest in the Q2 compared to the previous quarter in Spain, Greece, Portugal and France.<\/p>\n\n\n\n
Eurostat also reported that employment also fell in Q2 by 2.9 percent, the biggest drop since records began in 1995, after falling 0.3% in the first quarter of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Eurozone economy contracted slightly below initial expectations in the Q2, but the decline remains the largest ever with the collapse in consumer demand due to COVID-19 restrictions. GDP fell 11.8% compared to the previous quarter, and by 14.7% year-on-year, according to data from the European Statistics Office Eurostat on Tuesday. Initial estimates were for …<\/p>\n","protected":false},"author":9,"featured_media":33712,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4707,36],"tags":[6911,194],"class_list":["post-33711","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-breaking-news","category-market-updates","tag-europe","tag-gdp"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=33711"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33711\/revisions"}],"predecessor-version":[{"id":33713,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33711\/revisions\/33713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/33712"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=33711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=33711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=33711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}