The eurozone economy shrank by 12.1 percent in the second quarter, compared to the beginning of 2020. According to European statistics agency Eurostat, this is “by far the sharpest decline since the measurements were started”.
The European Union economy has also shrunk by 11.9 percent compared to the previous three months. The Italian economy went down 12.4 percent also fell sharply, after a previous shrinkage of 5.4 percent. Spain now also with 18.5 percent, after a 5.2 percent contraction from the previous three months. France shows the same: 13.8 percent after a previous shrinkage of 5.9 percent.
Germany performed significantly better, relatively speaking, with a loss of 10.1 percent and an unemployment rate of 6.4. It is an outright drama.
At the same time, voices are circulating that the worst is now over, and predicting a “sharp rebound” for the third quarter. And that should be, given that more and more parts of Europe have started working with the idea of local lockdowns. As a result, parts of the economy can start running again, which we will see in the figures.
But with such figures, it also means that many companies have gone under or will do so. In any case, this will translate into tax increases, in addition to the costs for the corona repair fund and the payment of the national debt. This is going to hurt!
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