Eurozone Q1 GDP Contraction Revised Slightly Lower

The Eurozone GDP for Q1 was revised slightly higher to -3.6%, from -3.8%

Written by: Skerdian Meta • Tuesday, June 9, 2020 • 1 min read

• Last updated: Tuesday, June 9, 2020

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

These are the revised numbers, so not a lot was being expected from the print. Q2 is going to be in key focus. These readings show a better then expected revision for Q1 GDP, so that plays into the hopes that the impact on economies were not as bad as feared. EUR/USD is up a few ticks on the release at 1.1261.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.