Euro area GDP contracted slightly more than expected in the second quarter.

According to preliminary data released today by Eurostat, the European Union's statistical office, euro area GDP contracted by 15.0 per cent year-on-year in April-June and by 12.1 per cent in January-March. According to STT, this is a record figure.

On an annual basis, the decline was stronger than expected, as economists had forecast an average decline of 14.5 percent in a forecast compiled by the news agency Bloomberg.

In January-March, the euro area economy contracted by 3.6 per cent from the previous quarter and by 3.1 per cent year-on-year.

Earlier today, it was learned that the French economy contracted by 19.0 per cent in April-June from the same period last year. The Italian economy contracted by 12.4 per cent and the Spanish economy by 22.1 per cent year-on-year.

Yesterday, Statistics Germany said that the country's economy contracted by 11.7 per cent year-on-year in the second quarter and by 10.1 per cent from the previous quarter.