Oliver Mangan: Businesses face partial recovery from Covid hit for the next couple of years

In the eurozone, GDP fell by over 12% in the quarter following the decline of 3.6% recorded in the opening quarter of the year. 

Queues outside JD Sports when they opened their doors on St Patrick's Street, Cork last month. Picture: Damian Coleman

The GDP data for the second quarter of the year published last week for the US and eurozone came in very close to expectations. 

Nonetheless, the figures are mind-blowing and unprecedented in terms of the scale of contraction in activity.