Virus Plunges Euro-Area Into Deep Recession
- Spain shrank 18.5% in second quarter, France contracts 13.8%
- Euro-area GDP falls 12%, dwarfing slump during debt crisis
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The coronavirus pandemic sent the euro-area economy into the deepest recession on record in the second quarter, taking output back to levels not seen since early 2005.
While indicators show a rebound is already underway, the 12.1% plunge in the 19-member region and mounting concerns about new flare-up in infections point to a long recovery that may leave lasting scars in its wake.