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Eurozone economy suffers record drop during lockdown months

 

Last updated 7/31/2020 at 3:38pm

In this June 1, 2020, file photo, waiters prepare the terrace of a restaurant in order to respect distancing measures in Paris as France gradually lifts its lockdown due to the coronavirus. France's economy shrank by nearly 14% in the second quarter when the country was in coronavirus lockdown, a third consecutive quarter of negative growth in a worsening recession, the national statistics agency said Friday, July 31, 2020. (AP Photo/Christophe Ena, File)

JOHN LEICESTER and DAVID McHUGH

Associated Press

PARIS (AP) - The economy of the 19-country eurozone shrank by a devastating 12.1% in the April-June period from the quarter before - the largest drop on record - as coronavirus lockdowns shut businesses and hampered consumer spending.

Economists say the worst of the downturn is past as many restrictions have eased, but that the recovery will be drawn out and vulnerable to renewed virus outbreaks.

Spain, which along with Italy was among the first to get hit hard by the spread of the virus, suffered the region's heaviest drop at 18.5%. Franc...



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