Eurozone economy shrank 12.1% in April-June from previous quarter due to lockdowns, largest drop on record

PARIS (AP) – The economy of the 19-country eurozone shrank by a devastating 12.1% percent during the second quarter from the quarter before as coronavirus lockdowns froze business and consumer activity. It was the largest drop on record. Spain, which suffered a severe virus outbreak that devastated its tourism industry, was the hardest hit with a drop of 18.5%. Italy and Portugal were also hard hit but no country escaped. It was the biggest decline since the records started in 1995. The decline in Europe compares to a 9.5% quarter on quarter decline for the United States.