European waterfall saw a decrease in GDP by 11.9%
The European economy contracted 11.9% in the second quarter as the coroavirus pandemic plunged the region into a deep recession.
The decline in GDP in the EU on a quarterly basis is the worst ever, following a decline of 3.2% in the first three months of the year.
Compared to the same period a year ago, the decrease in production in the period from April to June amounted to 14.4%. This is worse than the 9.5% decline recorded by the United States on Thursday.
Recent economic activity surveys suggest that the European economy is currently in a recovery mode. However, the specter of the next wave of coronavirus is accumulating. The German center for disease control, the Robert Koch Institute, said this week that the recent spike in the number of cases was "very worrying". In France, new daily cases have returned to the same level as in early May. Spain and Italy also recorded increases.
The UK recently reintroduced quarantine for tourists from Spain, which will slow down the recovery in the tourism industry there.
Germany, Europe's largest economy, suffered less than other large EU countries in the second quarter, with GDP contracted by 10.1%. France, Italy and Spain, which were hardest hit by the pandemic, decreased by 13.8%, 12.4% and 18.5% respectively.