Eurozone economy suffers record drop during lockdown months

Europe Economy

The economy of the 19-country eurozone shrank by a record 12.1% during the second quarter as coronavirus lockdowns froze business and consumer activity.

Spain, which suffered a severe virus outbreak that devastated its tourism industry, was the hardest hit with an 18.5% drop. Italy and Portugal were also hard hit. It was the biggest decline since the records started in 1995.