Tuesday, 05 July, 2022

Coronavirus: Eurozone economy shrinks at record rate

Impression copyright
Getty Photographs

Image caption

A pharmacist in France places up a sign looking through ‘protective facemasks are available’

The eurozone overall economy shrank at the sharpest pace on report in the first quarter as the Covid-19 pandemic forced countries into lockdown.

A initial estimate of GDP among January and March confirmed a contraction of 3.8%, worse than through the money crisis.

Individual figures discovered a steep slide in economic action in France and Spain in excess of the similar interval.

In Germany, unemployment has increased although it stays reasonably very low compared with other nations.

On Wednesday, the US revealed that its economic climate had suffered its most severe contraction for a lot more than a ten years, right after GDP shrank at an annual rate of 4.8%.

Resource backlink