Eurozone sees its largest economic drop on record during April and June, 12.1 percent from the previous fiscal quarter
European Union flags flutter outside the European Commission headquarters in Brussels, Belgium, June 25, 2020.
Spain, which along with Italy was among the first to get hit hard by the spread of the virus, suffered the region's heaviest drop at 18.5 percent. France, Italy and Portugal also endured steep declines, but no country escaped the impact of the pandemic. Those support measures have helped keep unemployment from spiking. The rate rose to 7.8 percent in June from 7.7 percent in May. But many job losses will wind up being permanent despite the stimulus. Major companies such as Lufthansa, Daimler and Airbus have said they will cut thousands of jobs.Economists say the downturn was concentrated in the months of April and May when lockdowns were most severe.
Rosie Colthorpe, European economist at Oxford Economics, said the current third quarter was likely to see high growth rates, “but not nearly large enough to make up for the damage.” Germany, the largest of the countries that use the euro, went through a 10.1 percent decline, the biggest since records started in 1970.
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