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EU economy falls record 14.4% in second quarter

According to Eurostat, the decline is the most serious since the beginning of observations in 1995

MOSCOW, July 31. /TASS/. The European Union GDP, according to preliminary estimates, fell by 14.4% in the Q2 compared to the same period in 2019, according to European statistical office Eurostat.

According to the report, this decline was the most serious since the beginning of observations in 1995. The GDP of the main countries of the community - France and Germany - fell by 19% and 11.7%, respectively.

The largest decline was observed in Spain - against the same period last year, the kingdom's GDP decreased by 22.1%. Least of all, the coronavirus pandemic affected the economic indicators of Lithuania, which, on the Q2 of 2019, decreased by only 3.7%.

It was reported in late April that all 27 EU states and EU institutions (the European Commission, the European Central Bank and the European Investment Bank) have allocated a total of 3.3 trillion euro to support the community’s economy amid the coronavirus pandemic.