The European economy against the background of restrictive measures in the second quarter of 2020 showed a historical drop in GDP of EU countries according to Eurostat decreased in April—June from 14.4% compared to the same period last year. About the unprecedented reduction of the size of the economy today separately announced statedata France, Spain and Italy. Yesterday about a sharp drop in GDP reported by Germany.In the second quarter of this year, the GDP of the EU fell by 14.4% in annual terms — as the first estimates of Eurostat, this decline was the strongest since the beginning of statistics, since 1995. In comparison with the first quarter of 2020, the EU economy declined by 11.9 per cent. Among the published today data look worse than other indicators of France, where the pandemic coronavirus led to the historical decline of GDP by 19% yoy and quarter over quarter by 13.8%. However, the national Institute of statistics and economic studies (Insee) records and emerging improvements. As noted in his message, “step-by-step lifting of restrictions imposed in connection with the spread of the coronavirus, led to a gradual recovery of economic activity in may and then in June — after a serious decline in activity in April.”In Spain the fall in GDP in the second quarter compared with the first (then the economy sank 5.2%) is estimated at 18.5% — the worst figure since 1970. In the end, since the beginning of the year, the fall in GDP was 22.1%. Almost the entire second quarter Spain lived in a regime of restrictions due to pandemic COVID-19 — restrictive measures were introduced on 14 March and taken only on June 21. As a result, in April—June, household consumption in Spain decreased by 21.2%, investment — by 22.4%.Slightly better was the performance of Italy where the GDP contraction in April—June amounted to 17.3% yoy and 12.4% in the quarter. According to the national Institute of statistics (Istat), the Italian economy “suffered an unprecedented reduction, fully explain the consequences of emergency situations in the field of health and of the measures taken” to contain the outbreak COVID-19. Earlier, their estimates were and Germany — the fall in GDP in the second quarter is estimated at 11.7% (year to year).The Ministry of economic development gives a minus of 9.6%. Exactly the same figures, we note, and the United States — it became known yesterday that the size of the us economy in the second quarter of this year compared with the same period of 2019 has decreased by 9.5%.Eugene Kryuchkov
Coronavirus has struck the European economy GDP of EU countries in the second quarter shrank by 14.4%
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