Eurozone GDP contracts at record pace in Q2

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The euro area economy contracted at a record pace in the second quarter, as initially estimated, due to the containment measures taken by member countries to control the spread of the coronavirus, flash estimate from Eurostat showed Friday.

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Gross domestic product fell 12.1% sequentially in the second quarter, following a 3.6% drop in the first quarter.

This was the sharpest decline seen since the series began in 1995. Year-on-year, GDP was down 15% versus a 3.1% decline a quarter ago. This was also the sharpest decrease since 1995.

Both quarterly and annual rates matched the preliminary estimate released on July 31. Data showed that employment dropped 2.8% from the previous quarter, the biggest since the series began in 1995. Employment was down 0.2% in the first quarter.

On a yearly basis, employment decreased 2.9% versus a 0.4% rise in the preceding period.

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