Eurozone suffers 40.3% annualized contraction, greatest drop on record
(Worthy News) – The Eurozone suffered its greatest contraction on record, exceeding the U.S. economy’s record plunge.
A report by the European Union’s statistics agency published a report on Friday that showed the trade zone’s GDP contracted by 12.1 percent during the three months through June, which is equivalent to 40.3 percent annualized. That exceeded the U.S. economy’s equivalent 32.9 percent contraction, the Wall Street Journal reported. While most countries report GDP changes between quarters, the U.S. extrapolates GDP over a full year, which makes it easier to compare GDP in different time periods.
The contraction marks the greatest drop in the Eurozone’s GDP since records began in 1995. The largest drops were concentrated in April and May during the most severe lockdown measures in some countries. [ Source: Fox News (Read More…) ]
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