Eurozone economies declined by record 12.1% in 2nd quarter

July 31 (UPI) -- The collective economies of most of the European Union saw a record decline during the second quarter of 2020, data showed Friday.

Gross domestic product for the Eurozone declined by 12.1% in the April-June period. The zone, which includes 19 of the 27 EU member states, saw a decline of only 3.6% in the first quarter by comparison.

The figure represents the largest single-quarter decline in Eurozone history. GDP also tumbled about 12% throughout the broader European Union in the second quarter.

Spain's economy saw the greatest decline, 18.5%, while Portugal's was down 14.1%. France's economy saw a decline of 13.8%, Italy's 12.4% and Belgium's 12.2%.

"These were by far the sharpest declines observed since time series started in 1995," Eurostat said in a statement.

"These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions under the COVID-19 containment measures."

Thursday, data showed the U.S. economy also declined by a record 33% in the second quarter.

"The fallout from the virus now poses a major challenge not just to the healthcare systems and the economies of the EU member states, it's also a threat to the bloc's integrity," Ulas Akincilar, head of trading at the online trading platform INFINOX, said.