The initial GDP report from the Eurozone posted a major contraction of 12.1% during Q2, as coronavirus lockdowns had a massive negative impact everywhere, but the figure was revised higher today. Employment, on the other hand, declined by -2.8%, which was revised to -2.9% today, but Q2 is now history. Below, you can see the new GDP report from Eurostat:

Eurozone GDP Report Released by Eurostat – September 8, 2020

• Q2 final GDP QoQ -11.8% vs -12.1% second reading
• GDP YoY -14.7% vs -15.0% second reading
• Household consumption QoQ -12.4% vs -12.2% expected
• Prior household consumption -4.7%; revised to -4.5%
• Government spending QoQ -2.6% vs -2.5% expected
• Prior gov’t spending -0.4%; revised to -0.7%
• Employment Q2 -2.9%, revised down from -2.8%