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EZ FLASH Q2 GDP -12.1% Q/Q SA, -15.0% Y/Y WDA
EZ Q2 GDP FCAST -12.0% Q/Q, -14.5% Y/Y; Q1 -3.6% Q/Q, -3.1% Y/Y
- The EZ economy registered another record decline in Q2, plunging by 12.1% q/q, slightly below market expectations.
- The annual rate plummeted by 15.0% after falling by 3.1% in Q1
- Both the quarterly and the annual rate in Q1 are unrevised
- These were the sharpest declines ever recorded since the series began in 1995
- Among the member states for which data is available, Spain (-18.5%), Portugal (-14.1%) and France (-13.8%) showed the largest contractions.
- Non of the EZ member states posted a quarterly gain - Lithuania (-5.1%) and Latvia (-7.5%) recorded the lowest drops
- Eurostat notes that country coverage was not affected by the Covid-19 crisis.