Euro Area GDP declined by 15% y/y and by 12.1% q/q in Q2

Eurostat’s preliminary flash estimates for Q2 2020 revealed that the Euro Area is sinking deeper into a recession of unprecedented scale. Seasonally adjusted real GDP growth dropped by 15% y/y and 12.1% q/q which was the sharpest decline on record by a large margin. However, this outcome does not really come as a surprise since the most severe phase of the COVID-19 lockdown came during the second quarter of 2020 and more specifically in April. 

The monetary bloc’s four largest economies, Germany, France, Italy and Spain all recorded historical declines at 11.7% y/y, 19% y/y, 17.1% y/y and 22.1% y/y respectively. The poorest performance came from Spain, where the lockdown measures were among the most severe, resulting into lower economic activity. 

Further data and analysis on th could be found on the CEIC Euro Area Economy in a Snapshot – Q2 2020 report.