According to preliminary data from the official European Union statistics agency, Eurostat, indicated a 3.8% shrinkage compared to the fourth quarter of 2019, this is the biggest GDP shrinkage since 1995. The drop is due to the coronavirus pandemic, that has been brutally affecting the world economy.
Compared to the same quarter last year, the fall was only 3.3%. In annualized terms, there was a fall of 14.4% in the first half. There is no doubt that Homeric efforts by the governments of the region will be needed to try to stop the economic upheaval.