Eurozone GDP decline accelerated in the second quarter

According to the report from Eurostat, in the second quarter of 2020, still marked by COVID-19 containment measures in most Member States, seasonally adjusted GDP decreased by 12.1% in the euro area and by 11.7% in the EU compared with the previous quarter. These were by far the sharpest declines observed since time series started in 1995. In the first quarter of 2020, GDP had decreased by 3.6% in the euro area and by 3.2% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP decreased 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. These were also by far the sharpest declines since time series started in 1995.

The number of employed persons decreased by 2.8% in the euro area and by 2.6% in the EU in the second quarter of 2020, compared with the previous quarter. These were the sharpest declines observed since time series started in 1995. In the first quarter of 2020, employment had decreased by 0.2% in the euro area and by 0.1% in the EU.

Compared with the same quarter of the previous year, employment decreased by 2.9% in the euro area and by 2.7% the EU in the second quarter of 2020, after +0.4% in both zones in the first quarter of 2020. These were also the sharpest declines observed since time series started in 1995.