EU GDP fell by a record in 25 years

The EU economy in the second quarter, according to preliminary estimates, decreased by 14.4% compared to the year 2019. This is a record decline since 1995, said in the press release of Eurostat.

EU GDP declined by 15% yoy in the quarter by 12.1%.

For comparison, in the first quarter of 2020 in the EU economy contracted by 3.2% in the Euro area – by 3.6%.

“These preliminary GDP estimates are based on incomplete data and will be further revised in connection with measures to combat COVID-19”, – stated in the message.

Following evaluation of the EU’s GDP will be published on 14 August.

The European Commission has previously agreed on an aid package of €750 billion to overcome the economic downturn in the EU.

Introduced because of the coronavirus restrictions provoked the fall of the world economy. According to IMF estimates, this is the biggest crisis since the great depression.

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