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Eurozone economy shrinks by record 12.1% due to coronavirus

Data reveals contraction in second quarter wiped out more than decade of expansion

The full extent of the impact of Covid-19 on the eurozone economy has been laid bare by figures showing the single currency zone shrank by a record 12.1% in the second quarter of 2020.

Amid growing fears that Europe’s tentative recovery is about to be affected by a second wave of the crisis, the European Union’s statistical arm, Eurostat, provided stark evidence of the drop in activity caused by the almost total lockdowns imposed by some countries in the spring.

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