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September 08, 2020EU AND EURO AREA GDP, Q2 2020 (REVISED) 
In the revised estimate, Eurostat reports that real GDP growth declined 38.4 per cent (seasonally adjusted annualized rate) in the European Union and 39.4 per cent in the Euro Area in the second quarter of 2020. These were the sharpest declines observed in time series data dating back to 1995. In the first quarter activity decreased by 12.5 per cent (seasonally adjusted annualized rate) in the EU27 and 14.1 per cent in the EA19.
Comparing Q2 2020 with Q2 2019, seasonally adjusted real GDP decreased by 13.9 per cent in the European Union and 14.7 per cent in the Euro Area. Among member states with data at this time, Spain (-22.1%), France (-18.9%) and Italy (-17.7%) reported the largest declines, while Ireland (-3.7%) had the smallest decline compared to Q2 2019. Germany real GDP declined 11.3 per cent compared to Q2 2019.
Comparing Q2 2020 with Q1 2020 for the EU27, household consumption expenditure declined by 12.0 per cent and government consumption expenditures declined 2.4 per cent. Gross fixed capital formation declined by 15.4 per cent. Exports of goods and services declined 18.7 per cent and imports of goods and services declined 17.8 per cent.
Comparing Q2 2020 with Q1 2020 for the Euro Area, household consumption expenditure declined by 12.4 per cent and government consumption expenditures declined 2.6 per cent. Gross fixed capital formation declined by 17.0 per cent. Exports of goods and services declined 18.8 per cent and imports of goods and services declined 18.0 per cent.
A seasonally adjusted annualized rate shows what the percent change would be if the quarterly rate continued for four quarters. It is computed by compounding the quarterly rate for four quarters. Reporting annualized rates facilitates comparability between annual and quarterly growth, but can exaggerate change when series are volatile. The COVID-19 shocks of do not indicate a contraction of EU GDP by 38.4 per cent in Q2. It would take four quarters of compounded contraction at the same pace as reported in Q2 to reduce EU GDP by 38.4 per cent. Real GDP in Q2 contracted 11.4 per cent in the EU27 and 11.8 per cent in the EA19 compared to Q1 2020.
Source: Eurostat
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