Eurostat: GDP down by 12.1% and employment down by 2.8% in the euro area

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In the second quarter of 2020, with COVID-19 containment measures still in place in most Member States, seasonally adjusted GDP decreased by 12.1% in the euro area, by 11.7% in the EU and by 11.6% in Cyprus compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union.These were by far the sharpest declines observed since time series started in 1995. In the first quarter of 2020, GDP had decreased by …

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