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EU GDP collapses by record 14.4%


July, 31 2020
watermark Economic news

According to the statistical agency Eurostat, the GDP of the EU countries in the II quarter fell by 14.4% in annual terms. On a quarterly basis, the indicator decreased by 11.9%. In the first three months of the year, the EU economy contracted by 3.6%. Figures like these signal that the European economy has entered a recession.


Earlier in July, the European Commission presented its forecast for changes in Europe's GDP: experts expected the economy to decline by 8.3%.


At the same time, the economies of 19 eurozone countries contracted by 12.1% in the second quarter and by 15% – in annual terms. Analysts had expected a decline of 11.2% and 13.9%, respectively.


The fall in all indicators has become the sharpest and strongest since 1995 – since the beginning of statistics.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.