EU GDP shrinks 3.5 per cent; eurozone unemployment up to 7.4 per cent

The European Union’s gross domestic product shrank 3.5 per cent in the first three months of the year, according to a first estimate from Eurostat, while eurozone unemployment climbed slightly in March to 7.4 per cent.

The annual rate of inflation also plummeted to 0.4 per cent in the 19-member currency area in April, the official EU statistics agency estimated.

The European Commission expects an economic slump of 5 to 10 per cent in the EU due to the coronavirus crisis, which has shuttered factories, restaurants and shops throughout the continent.

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Several EU countries have begun to ease these lockdown measures, but all acknowledge the road to recovery will be rough. (dpa)