EU GDP fell by a record 14.4 per cent
GDP of EU countries in the second quarter fell by 14.4% in annual terms, according to a press release from the statistical Agency Eurostat.
QoQ index has decreased by 11.9%. In the first three months of the year the fall amounted to 3.6%. Thus, the European economy went into recession.
The Eurozone consists of 19 countries. At the first evaluation, the second quarter GDP decreased by 12.1% and 15% — in annual. Analysts polled by Reuters had forecast a decline of 11.2%, and 13.9% respectively.
The fall of all indicators was the strongest since records started in 1995.
Earlier, the chief expert on the European economy Oxford Economics angel Talavera expressed the opinion that in the third quarter in the Eurozone is expected to post significant economic growth.
However, he noted that the recovery in the summer months will be weaker.
The European Commission in a July report predicted that real GDP in the current year collapses by 8.7% against the pandemic coronavirus COVID-19.
The economy of the European Union, according to the EC, will fall by 8.3%. According to the estimates of economic institutes IFO and consumer confidence, the limitations due to the coronavirus led to a significant drop in Eurozone GDP in the first quarter of 2020, 3.6%, which accelerated in the second quarter to 12.3%. However, at the beginning of the third quarter, experts expect economic recovery of the region's GDP, according to them, it will grow by 8.3% and 2.8% in the fourth.