The Eurozone GDP contracted less than expected but did not prevent the European indices from falling
The Gross Domestic Product (GDP) of the Eurozone contracted by 11.8% in the second quarter of the year compared to the previous quarter, a figure somewhat better than the initial estimates, which anticipated a decline of 12.1%. In year-on-year terms, the data published today by Eurostat also improves the forecast: GDP fell between April and June by 14.7% compared to the same period in 2019, next to the 15% previously estimated.
Despite the data being better than predicted, the main European indices recorded drops of close to 1% at noon, since it is the steepest economic decline in the entire historical series, which began in 1995.
In the first three months of this year, the contraction was already 3.7% quarter-on-quarter and 3.2% year-on-year.
Spain, Greece, Portugal and France recorded the steepest contractions in the Euro Zone during this period.
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