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Euro zone economy shrinks at record rate, worse to come

Economic News, World

Euro zone economy shrinks at record rate, worse to come

 

 

 

 

 

 

The eurozone economy contracted at a record rate in the first three months of the year and inflation slowed sharply as much economic activity in March came to a halt because of the COVID-19 pandemic, data showed on Thursday.

 Economists expect even worse numbers for the second quarter.

 

 

 

According to a preliminary flash estimate from the European Union’s statistics office Eurostat, economic output in the 19 countries sharing the euro currency in January-March was 3.8% smaller than in the previous three months – the sharpest quarterly decline since the time series started in 1995

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