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Euro zone economy shrinks at record rate, but worse to come
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The euro zone economy contracted at a record rate in the first three months of the year and inflation slowed sharply as much economic activity in March came to a halt because of the Covid-19 pandemic, data showed today.
Economists expect even worse numbers for the second quarter. According to a preliminary flash estimate from the European Union's statistics office Eurostat, economic output in the euro zone in January-March was 3.8% smaller than in the previous three months - the sharpest quarterly decline since the series started in 1995.
Economists polled by Reuters had expected a 3.5% contraction after a 0.1% quarterly growth in the last three months of 2019.
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