According to a flash estimate published by the Statistical Office of the European Union (Eurostat) on Friday 15 May, seasonally adjusted GDP decreased by 3.8% in the euro area and by 3.3% in the European Union during the first quarter of 2020, compared with the fourth quarter of 2019.
In a press release, Eurostat notes that “these are the sharpest declines observed since time series started in 1995”.
By comparison, GDP in the United States decreased by 1.2% in the first quarter of 2020...