Eurozone GDP takes the biggest dive on record in Q1

Economic Figures Take a Deep Dive All Over Europe

Posted Thursday, April 30, 2020 by
Skerdian Meta • 1 min read
The economic data is now showing the full impact of the shutdown from coronavirus, as it takes a deep dive all across the continent. The economic contraction in the Eurozone matches estimates as the euro area economy stumbles in the first quarter of the year, amid the virus outbreak and lockdown measures enacted by countries in the region to try and curb the spread. The quarterly drop in the GDP is the biggest on record, exacerbated by record contractions in other economies as well as seen with the reports from France and Spain earlier in the day.

Eurozone Q1 preliminary GDP

  • Eurozone Q1 preliminary GDP -3.8% vs -3.8% q/q expected
  • Q4 2019 stood at+0.1%
  • GDP -3.3% vs -3.4% y/y expected
  • Q4 2019 stood at +1.0%

Spain Q1 preliminary GDP

  • Q1 preliminary GDP -5.2% vs -4.3% Q0Q expected
  • Q4 2019 stood at +0.4%
  • GDP -4.1% vs -3.2% y/y expected
  • Q4 2019 stood at +1.8%

The quarterly drop marks the steepest contraction ever recorded in the country, based off the current series that started back in 1995. That comes as no surprise as the virus fallout eats away at economic conditions with April and Q2 is set to be much worse.

France March consumer spending -17.9% vs -5.8% m/m expected

  • France March consumer spending -17.9% vs -5.8% m/m expected
  • February stood at -0.1%; revised to -0.5%
  • Consumer spending YoY -18.1% -6.0% expected
  • February stood at -0.6%; revised to -1.1%

Switzerland March retail sales

  • Switzerland March retail sales -5.6% vs +0.3% y/y prior
  • February stood at +0.3%
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