Eurozone GDP in the first quarter, according to preliminary estimates, fell by 3.8% compared to the fourth quarter of 2019, Eurostat said. When you consider all member countries of the European Union, the drop was 3.5%. In comparison with the first quarter of last year, the Eurozone economy declined by 3.3%.
the Fall over the quarter was the biggest in 25 years — since the beginning of the statistics in 1995. The fall of the year-the most tangible since the third quarter of 2009 — then the Eurozone and other EU countries have experienced the consequences of the financial crisis. The Eurozone includes 19 countries, the European Union includes 27: eight countries have kept their national currency.
Eurostat indicated that in March 2020 — last month of the quarter of the country has begun to introduce restrictive measures in connection with the spread of the coronavirus. The unemployment rate in March was 7.4% in the Euro area and 6.6% in the EU. Eurostat expects inflation slowdown in April to 0.4 percent from 0.7 percent in March.
the European Central Bank on Thursday left its base rate unchanged at 0%. At this elevation it is from March 2016. The Deposit rate remained at minus 0.5%, the rate for banks lending to continue of 0.25%.
the country’s Economy decreased by 5.8% — more than in the first quarter of 2009 and the second quarter of 1968. Insee also said that the decline in the economy primarily involve measures to limit the spread of the coronavirus and the cessation of “nonessential” activity.
In Spain, a record quarterly drop since 1970 by 5.2% by the fourth quarter of 2019, the statement said the national Institute of statistics of the Kingdom. Spain is one of the most affected by the pandemic coronavirus countries, a leader in the number of cases on the continent.
the largest number of victims in Europe in Italy. It is the first in the European Union began to introduce restrictive measures. Italy GDP in the first quarter fell by 4.7% over the previous quarter.
on April 29 the Bureau of economic analysis, the U.S. reported GDP falling by 4.4% year-on-year. This is the first quarterly fall in the world’s largest economy and the largest decline since 2008, when the financial crisis hit. On the same day, the Federal reserve left its key interest rate unchanged.