Coronovirus Pandemic Causes Collapse of European Economy

In the first quarter of this year, the economy in the eurozone countries fell by 3.8 percent. This is the most severe collapse of all time since 1995. At the same time, unemployment is rising. The coronavirus pandemic led to the worst economic collapse in Europe in several decades. In only 19 countries in the eurozone, total GDP declined in the first quarter by 3.8 percent year on year. In all 27 EU member states, the economy declined year-on-year by 3.5 percent, Eurostat said on Thursday, April 30. In both cases, we are talking about the worst economic collapse in Europe since the start of observations in 1990. Statistics recalled that EU countries began to impose restrictions because of the coronavirus in March. As a result, many sectors of the European economy have stopped. Factories sent employees home, shops suspended work. In the last quarter of 2019, the economy in the eurozone grew by 0.1 percent. Throughout the EU, economic growth this quarter was 0.2 percent. At the same time, the unemployment rate in the eurozone from February to March rose by 0.1 percentage points to 7.4 percent. And in 27 EU countries, this figure also increased by 0.1 points to 6.6 percent.