The euro area economy contracted less than initially estimated in the second quarter but the pace of decline was the most since the records began in 1995 due to the coronavirus containment measures adopted by the member countries, revised data from Eurostat revealed Tuesday.
Gross domestic product fell by a record 11.8 percent sequentially but this was revised down from -12.1 percent estimated initially. GDP had contracted 3.7 percent in the first quarter.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.