09.Sep .2020 11:18

EU economy narrows 11.4% in 2nd quarter

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Significantly hit by the coronavirus pandemic, the European Union's gross domestic product (GDP) narrowed by 11.4% in the second quarter of this year, according to Eurostat on Tuesday.

The euro area GDP also shrank 11.8% in April-June, compared with the previous quarter, Eurostat said.

"These were by far the sharpest declines observed since the time series started in 1995," the statistical office said.

The eurozone/euro area or EA19 represents the member states that use the single currency -- the euro -- while the EU27 defines all member countries of the bloc.

In the first quarter of last year, GDP in the 27-member bloc fell by 3.3% quarter-on-quarter and witnessed a 3.7% decrease in euro area.

On an annual basis, GDP decreased by 14.7% in the euro area and by 13.9% in the EU in the second quarter of 2020, after -3.2% and -2.7% respectively in the previous quarter.

Eurostat said that Spain's economy showed the worst performance with quarterly contraction of 18.5% in April-June, while the lowest decline of GDP was observed in Finland.