European economy Worried about serious economic downturn European Central Bank New Corona May 1: 5:17
In the euro area such as Germany and France, GDP (Gross regional product) from January to March was the largest drop of minus 3.8% compared to the previous three months. The European Central Bank, which is responsible for monetary policy in the Eurozone, expects GDP to fall by up to 12% this year, and is worried about a serious economic downturn.
The EU's GDP from January to March, announced by the European Union's Statistics Office on the 30th, was actually minus 3.8% compared to the previous three months.
This is the largest drop in history, exceeding the negative 3.2% in the first quarter of 2009, which was affected by the Lehman shock.
The spread of the new coronavirus became more serious, and measures were taken to restrict going out and economic activities in various countries, mainly in March, and the effects spread in various aspects such as personal consumption and exports.
Beginning in April, countries in the euro area have begun to relax restrictions, and some shops and automobile production have resumed operations.
However, in many industries, such as the travel and aviation industries, there is no clear path to recovery, and when economic activity resumes, it is necessary to be cautious in dealing with it so as not to lead to the spread of new infections.
For this reason, the European Central Bank estimates that the euro area economy will further decline in the three months to June, and that GDP for the year may decline by up to 12%, and the new coronavirus With the end of the infection uncertain, there is concern over a serious economic downturn.