Jul 31, 2020
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GDP of the European Union in the II quarter of 2020 fell by 14.4%

According to preliminary data, GDP of the European Union (EU) in the second quarter of 2020 fell by 14.4% in annual terms. Eurozone GDP has lost 15%, Eurostat reports.

Compared to the same quarter of the previous year (2019 -, seasonally adjusted GDP decreased by 15% in the euro area and by 14.4% in the EU in the second quarter of 2020 - it says in the message of the department.

On a quarterly basis, the euro zone's GDP in the second quarter of 2020 fell by 12.1%, while the EU's GDP lost 11.9%. Among the EU member states, a decrease in GDP in this period compared to the previous three months is recorded in Spain (-18.5%). This is followed by Portugal (-14.1%), France (-13.8%) and Lithuania (-5.1%).

At the end of April 2020, Eurostat announced that the EU's seasonally adjusted GDP in the first quarter of 2020 showed a decline of 2.7% in annual terms, and the eurozone economy lost 3.3%.

In July 2020, the leaders of the EU countries and governments, following the results of a five-day summit, were able to reach an agreement on an anti-crisis plan to restore the European economy after a pandemic of a new type of coronavirus infection. The final version of the seven-year budget plan of the European Union amounted to € 1.074 trillion for the period from 2021 to 2027. This was announced by the head of the European Council Charles Michel.

Belgian Premier Sophie Wilmes on Twitter wrotethat the EU countries have never dared to invest so boldly in the future. French President Emmanuel Macron, in turn, called this day historic for Europe.

As reported earlier, German Chancellor Angela Merkel was satisfied with the results of the almost five-day EU summit. According to the politician, the European Union has shown its ability to follow "unusual paths" during the meetings.

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