London, August 2 (HNA) – In the second quarter 2020, still marked by Covid-19 containment measures in most Member States, seasonally adjusted GDP decreased by 12.1 percent in the euro area and by 11.9 percent in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.
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 percent in the euro area and by 3.2 percent in the EU.
These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions under the Covid-19 containment measures. The next estimates for the second quarter of 2020 will be released on 14 August 2020.
Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 15.0 percent in the euro area and by 14.4 percent in the EU in the second quarter of 2020, after -3.1 percent and -2.5 percent respectively in the previous quarter. These were also by far the sharpest declines since time series started in 1995.
Among the Member States, for which data are available for the second quarter 2020, Spain (-18.5 percent) recorded the highest decline compared to the previous quarter, followed by Portugal (-14.1 percent) and France (-13.8 percent). Lithuania (-5.1 percent) recorded the lowest decline.
Euro area (EA19):
Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
European Union (EU27):
Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia,
Finland and Sweden.