Euro area economy contracted 3.3 per cent in the first quarter (Q1) year on year, while the broader European Union economy contracted 2.7 per cent year on year, the bloc's statistical office said on Thursday.
Compared with the previous quarter, the gross domestic product (GDP) contracted by 3.8 per cent in the euro area and by 3.5 per cent in the EU, according to the preliminary flash estimate for the first quarter of 2020 by Eurostat, reports Xinhua.