Eurozone GDP to See 7.7% Decrease in 2020 Amid COVID-19 Pandemic

MOSCOW(Sputnik) - The eurozone GDP will see a 7.7 percent decrease in 2020 amid the coronavirus pandemic, after growing by 1.2 percent in 2019, and it will then increase by 6.3 percent in 2021, the European Commission said on Wednesday in its fresh forecast.

The European Commission downgraded its forecast on Germany's GDP dynamics in 2020. It now expects the country's GDP to fall by 6.5 percent instead of growing by 1 percent, as it was forecast earlier.

The GDPs of Greece, Spain and Italy will see the sharpest decline in the eurozone in 2020, decreasing by over 9 percent, the European Commission said.