According to data released on Friday, GDP in the euro area fell by 12.1% and by 11.7% in the EU compared to the previous quarter, according to Eurostat estimates.
This is the largest contraction since 1995. In the first quarter of 2020, GDP fell by 3.6% in the euro area and by 3.2% in the EU. Compared to the same quarter last year, GDP fell by 15.0% in the euro area and by 14.1% in the EU in the second quarter of 2020, after -3.1% and -2.5% respectively in the previous quarter.
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These were also by far the largest declines since 1995. In the second quarter of 2020, GDP in the United States fell by 9.5% compared to the previous quarter (after -1.3% in the first quarter of 2020). Compared to the same quarter of the previous year, GDP decreased by 9.5% (after + 0.3% in the previous quarter).
The euro zone’s trade surplus with the rest of the world ballooned in June to 21.2 billion euros ($25 billion) as the bloc’s drop in imports of goods outpaced the fall of exports amid a global slide in trade due to the COVID-19 pandemic.