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© Tawatdchai Muelae | Dreamstime.com
The data on the evolution of the GDP of the Eurozone cause headaches with Greece registering the fourth worst performance.
The data published by Eurostat on the evolution of the GDP of the euro area is heartbreaking. The coronavirus pandemic hit growth indicators hard in the second quarter of 2020 and Greece posted the fourth worst performance.
According to the European Statistical Office, it was the steepest drop since records were kept in 1995.
Among the Member States, the most pronounced quarterly decline was recorded in Spain (-18.5%), Croatia (-14.9%), Hungary (-14.5%), Greece (-14%), Portugal (- 13.9%) and France (-13.8%). The smallest drop was recorded in Finland (-4.5%), Lithuania (-5.5%), Estonia (-5.6%), Ireland (-6.1%), Latvia (-6.5%) and Denmark (-6.9%).
► The recession in the euro area stopped at 11.8%.
The number of employees in the euro zone fell by 2.9% and by 2.7% in the EU in the second quarter, compared to the previous three months.
In our country, the reduction in employment is slightly above the EU average.
The transport sector was “demolished”
Of particular interest are some of the billing indicators that show the great decline of the economy. Covid-19 -as expected- managed to negatively affect the transport sector (and) in Greece. According to ELSTAT data, in the second quarter (2020), the decrease in billing * for transport and travel services is as follows:
- Land transport -29%,
- Navy, -38.9%
- air transport -84.4%
- logistics – 25.7%
- travel services -94%
* These are changes on an annual basis, that is, relative to the corresponding month of the previous year.
► A volume collapse is also observed in the second quarter in the field of communication – entertainment (music, television, film productions).
The turnover index in “Film, video and television show production, recordings and music publications” decreased by 39.9% in the second quarter of 2020 compared to the corresponding index in the second quarter of 2019.
The turnover index in “Programming and broadcasting activities” showed a decrease of 10.9% in the second quarter of 2020 compared to the corresponding index in the second quarter of 2019.
