09-August-2020
Economy News
 
European economy tumbles into worst recession amid Covid-19 crisis
01-Aug-2020

The European economy tumbled into its worst recession on record in the second quarter, as quarantines in countries across the continent brought business, trade and consumer spending to a grinding halt. From April to June, gross domestic product fell from the first quarter by 11.9 percent in the 27 member states of the European Union, and by 12.1 percent in countries that use the euro currency, according to figures released on Friday by Eurostat, the bloc’s statistics agency. On an annualised basis, European Union economies shrank by 14.4 percent, and eurozone economies by 15 percent, the sharpest contractions since statistics started being kept in 1995. But there were signs that the worst may have passed since then, and that a tentative recovery was gaining some traction as governments unleashed enormous stimulus spending.

News Source:- https://www.business-standard.com/article/international/european-economy-tumbles-into-worst-recession-amid-covid-19-crisis-120080100008_1.html