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The economies of the European Union in the second quarter of 2020 has experienced a record decline, falling 14.4 percent in annual terms. This is the most severe decline in the history of statistics (1995). Preliminary data published on the website of the Statistical office of the European Union.
Compared to the first quarter of 2020 GDP fell by 11.9 percent. In January-March this indicator decreased by 3.2 percent. Thus, the European economy entered a technical recession. Eurozone GDP in the second quarter fell 15 percent in annual terms and by 12.1% quarter-over-quarter, according to statistics.
The main economy of Europe, Germany in April-June decreased by 10.1 percent from the previous quarter, having the strongest drop since 1970. France’s economy slipped by 13.8 percent. The leader of falling became Spain with the collapse of the GDP to 18.5 percent.
Earlier, the European Commission predicted that the Eurozone economy will fall by 8.7 percent in the current year and in the future will increase by 6.1 percent.
In July, EU leaders agreed on a plan to rescue the European economy the size of 750 billion euros. About 500 billion euros will be directed to grants most affected by the coronaviruses to countries another $ 250 billion on loans.
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