{"id":143678,"date":"2020-04-30T12:20:39","date_gmt":"2020-04-30T12:20:39","guid":{"rendered":"https:\/\/www.bnreport.com\/eurozone-economy-declines-by-record-3-8-percent-in-first-quarter\/"},"modified":"2020-04-30T12:20:39","modified_gmt":"2020-04-30T12:20:39","slug":"eurozone-economy-declines-by-record-3-8-percent-in-first-quarter","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/eurozone-economy-declines-by-record-3-8-percent-in-first-quarter\/","title":{"rendered":"Eurozone economy declines by record 3.8 percent in first quarter"},"content":{"rendered":"

The eurozone economy contracted a record 3.8 percent in an initial estimate for the first three months of the year compared to the previous quarter, according to the EU statistics office.<\/p>\n

A Eurostat preliminary flash estimate<\/a> shows business grinding to a halt after governments shut down activity to stop the coronavirus from spreading.<\/p>\n

The data center said in its analysis that these figures signal \u201cthe sharpest declines observed since time series started in 1995.\u201d<\/p>\n

Tuesdays figures show the euro area is well on its way toward a recession that outstrips the financial crisis in 2009, when its economy shrunk by 4.5 percent<\/a>.<\/p>\n

The European Commissions economic chief, Paolo Gentiloni, on Monday told EU lawmakers that he expects<\/a> the eurozone economy to contract by around 7.5 percent this year.<\/p>\n

The data puts more pressure on the blocs policymakers to come up with a recovery plan that can kick start the economy once the coronavirus subsides and government lockdowns ease.<\/p>\n

Leaders have already signed off on a \u20ac540 billion package<\/a> of measures intended to safeguard workers, companies and governments from economic ruin. The measures should be operatioRead More \u2013 Source<\/a><\/p>\n

[contf] [contfnew] <\/p>\n

politico<\/a><\/h5>\n

[contfnewc] [contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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