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%

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