EU: The Scale of COVID-19's Impact on GDP

The true picture of COVID-19's economic impact is gradually becoming clearer. Flash estimates for the Europe were released today by Eurostat and indicate that GDP in the EU sunk by 14.1 percent in the second quarter of 2020 when compared to last year. At national level, Spain experienced the largest relative decrease at 22.1 percent, although data was not available for a small handful of countries including Greece and Slovenia which already saw drops of 0.9 and 3.4 percent in Q1, respectively.