Home / World News / Eurozone economy suffers record drop of 12.1% during Covid-19 lockdown

Eurozone economy suffers record drop of 12.1% during Covid-19 lockdown

For the currency union as a whole it was the biggest decline since the records started in 1995. For the broader 27-country European Union, not all of whose members use the euro, output sagged 11.9%

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The European Central Bank is pumping 1.35 trillion euros in newly printed money into the economy, a step which helps keep borrowing costs low.

AP | PTI Paris

3 min read Last Updated : Jul 31 2020 | 5:33 PM IST

The economy of the 19-country eurozone shrank by a devastating 12.1 per cent during the second quarter from the quarter before as coronavirus lockdowns froze business and consumer activity. It was the largest drop on record.

Spain, which suffered a severe virus outbreak that devastated its tourism industry, was the hardest hit with a 18.5% drop. Italy and Portugal also suffered steep declines, but no country escaped the impact of the pandemic.

For the currency union as a whole it was the biggest decline since the records started in 1995. For the broader 27-country European Union, not all of whose

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