Covid-19 crisis: European economy shrinks 3.8% in first quarter

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Covid-19 crisis: European economy shrinks 3.8% in first quarter

May 01, 2020 00:24 IST

The European economy shrank by a record 3.8% in the first quarter as business activities were frozen due to shutdowns aimed at preventing the spread of the coronavirus. The drop in the 19-country Eurozone was the biggest since statistics began in 1995 and sharper than the 2009 global financial crisis. The jobless figure rose to 7.4% in March from 7.3% in February, statistics agency Eurostat said on Thursday.

Economy