The economic growth was quite anemic in Europe already last year and in the first two months of this year. But, the situation was obviously going to get dramatic in March, as coronavirus broke out in Europe and the continent went into lockdown. As a result, the initial Q1 GDP reading showed a 3.8% decline, but the second revision today seems a bit better, both for growth and for employment.

Eurozone Q1 GDP 2nd Reading by Eurostat

• Q1 revised GDP -3.6% vs -3.8% expected
• Initial GDP reading for Q1 -3.8%
• GDP YoY -3.1% vs -3.2% expected
• Employment Q1 -0.2% vs 0.3% expected -0.2% prior
• Employment YoY 0.4% vs 0.3% expected 0.3% prior