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The eurozone economy contracted by a record 12.1 percent in the second quarter

Italy reported a shrinkage of 12.4 percent while the German economy shrank by 10.1 percent.

The sharp contraction between April and June followed a decline in the first quarter of 3.6 percent in the eurozone and 3.2 percent across the EU.

The numbers called the numbers “a preliminary flash estimate”, saying that the seasonally adjusted data reflects the coronavirus mitigation measures that most EU countries took in the spring. The findings are “based on data sources that are incomplete and subject to further revision,” it said.

Seasonally adjusted GDP decreased by 15 percent in the eurozone and 14.4 percent in the EU compared to the second quarter of 2019.

Eurostat said it will publish new estimates for the second quarter on August 14.