News of the day
31.07.2020
Right as July is hitting the corner, the European Union is analyzing and reporting its biggest economical drop in history caused by the pandemic.
As the news comes as no surprise considering the countries in the Eurozone has been hit hard by the Corona Virus limitation rules early in the year.
Spain is reported to be in it’s deepest recession in modern times.
During the second year quarter, the economy of the country shrank by 18.5 %. This comes after another 5.2% diminishing in the first quarter. The total GDP decrease is currently 12.1%.
France has also been under a bad GDP falling of at least 13.8%.
Italy, which is known to be the worst hit by the pandemic, with death tolls above any other European country, has also experienced a drop in GDP of 12.4%.
Overall then the European Union has a total of 11.9% drop in its economic wealth. This is considered by the Eurostat agency the worst decrease since 1995 since records began.
The current situation was caused majorly by the draconian lockdown rules. Most of the European countries had in place rules and regulations since the pandemic announcement back in March. This has caused a considerable contraction of all the economic activities.
Even the powerhouse Germany has experienced a hard hit along the US.