The slump in euro-zone GDP in March and April was just as large as we had feared, but the subsequent recovery has been quicker than we expected. As a result, we now think that GDP probably contracted by “only” around 12.5% q/q in Q2, though the falls in France, Italy and Spain will have been larger.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.