‘It Would Be Great If This Record Is Never Beaten’: Europe’s GDP Numbers Betray Epic Collapse

‘It Would Be Great If This Record Is Never Beaten’: Europe’s GDP Numbers Betray Epic Collapse

GDP readings out of Europe Friday betray eye-popping contractions that would have been unfathomable in the pre-pandemic context. Spain was hit hardest, as output shrank a worse-than-expected 18.5% in the second quarter. Spending and investment cratered. The absence of precedent and the sheer magnitude of the declines renders the numbers almost meaningless. For example, there's no way to make sense of a 41% contraction, which is what the Spanish retail, transport, and restaurant sectors suffere
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