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Euro Area GDP Contracts by 3.3% y/y in the First Quarter Of 2020

In Q1 2009 the GDP in the Eurozone fell by 5%. On a quarterly basis, the decline is 3.8%.
In Q1 2009 the GDP in the Eurozone fell by 5%. On a quarterly basis, the decline is 3.8%.
In Q1 2009 the GDP in the Eurozone fell by 5%. On a quarterly basis, the decline is 3.8%.
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5th May 2020

Euro Area’s Economy contracted by 3.3% y/y in Q1 2020, first estimations show. This is the steepest drop in more than a decade. In Q1 2009 the GDP in the Eurozone fell by 5%. On a quarterly basis, the decline is 3.8%. In the previous quarter, October to December 2019 the Euro Area economy reported a modest 0.1% y/y growth, which was explained with the synchronised global economic slowdown.

In Q1 2009 the GDP in the Eurozone fell by 5%. On a quarterly basis, the decline is 3.8%.

The drop in Q1 2020 however is a result of the COVID-19 pandemic and the measures intended to contain the outbreak, such as nation-wide lockdown, imposed in Italy, which together with Spain turned out to be the hardest hit countries in the common currency union. 

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Country

European Union
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5th May 2020 Euro Area GDP Contracts by 3.3% y/y in the First Quarter Of 2020