Eurozone economies shrink 40% in second quarter – Times of Oman

SourceTimes of Oman

August 2, 2020 | 12:36 PM by Xinhua Portuguese Finance Minister and Eurogroup President Mario Centeno attends the press conference of a video meeting of the Eurogroup in Lisbon, Portugal. — Xinhua Brussels: Europe formally and dramatically entered into recession on Friday, with the latest data released by the European Union showing that the 19-member eurozone saw their economies contract by 40.3 per cent in the second quarter (Q2) of 2020, compared with the same period a year ago. The main culprit, according to economists, was the stringent coronavirus lockdowns put into place across the continent starting in March, halting most non-essential industrial production, bruising business and consumer confidence, slowing tourism to a trickle and severely dampening global trade. On a quarter-by-quarter basis, the eurozone economies contracted by 12.1 percent in Q2 2020, following more...