For Germany, quarterly GDP figures made for an unwelcome surprise, with a 10.1% dip in output of goods and services, the worst quarterly decline ever recorded in the country’s history. The results have shocked many since Germany is often viewed as the economic powerhouse of the Eurozone. Plus, the country experienced a milder COVID-19 outbreak, leaving its tourist industry largely intact.
On the whole, the EU experienced an economic contraction of 11.9%, shattering all previously recorded data for the whole EU. According to the Eurostat agency, numbers like this have never been seen since the agency began measuring economic data in 1995.
The Eurozone’s current economic crisis points to the global effects of the COVID-19 pandemic, which has battered most major economic players, including the U.S., which experienced the largest decline in GDP ever recorded at 32.9%.
At this juncture, an economic recovery for the Eurozone appears to be a long way off.
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