Latest data released by Eurostat – 12 June 2020
- Prior -11.3%; revised to -11.9%
- Industrial production WDA -28.0% vs -28.8% y/y expected
- Prior -12.9%; revised to -13.5%
Those are some horrific numbers but again, it isn’t surprising at this stage since we know that April is the worst month in terms of economic activity due to the widespread lockdown measures in the region and the peak fallout from the virus outbreak.
This all just serves to reaffirm that Q2 economic conditions are set to be the worst in history for the euro area – much like most parts of the world.