Euro area GDP will be reduced by 40% annually, and there is a view that it will be a blow over the United States
This week, GDP announcements in the second quarter are being made one after another. It was announced today that the euro area preliminary figures were -12.1% YoY. Replacing this with the year-on-year rate gives -40.3%. The US figures released yesterday were a year-on-year rate of -32.9%. A simple comparison shows that the euro area has …