EU GDP Plummets 2.7 Percent Year-on-Year in First Quarter

Countries have started releasing GDP figures showing the devastating impact of lockdown measures on jobs and businesses, imposed to battle the ongoing coronavirus pandemic.

According to data published by Eurostat, the EU's GDP plummeted by 2.7 percent year-on-year in the first quarter of 2020.

"GDP down by 3.8% in the euro area and by 3.5% in the EU, -3.3 % and -2.7% respectively compared with the first quarter of 2019," Eurostat said in a statement.

Eurostat added that these were the sharpest declines observed since 1995.

Earlier in the day, the French national statistics agency reported that the country had fallen into a recession after its GDP contracted 5.8 percent in the first quarter of 2020.

It is the sharpest quarterly drop since 1949 and is mainly due to its strict stay-at-home measures in place since 17 March.

Spain, which is the eurozone's fourth-largest economy and one of the worst-affected countries by the virus has seen a by 5.2 percent fall in its GDP.

At the same time, Germany expects to lose 12 percent of its GDP in the second quarter as the country's economic output has plunged by 16 percent.