The European record comes a day after the U.S. reported grim figures likewise.
Growth in the Eurozone, which comprises only countries with the euro, contracted 3.8 percent, based on Eurostat, the EU’s statistical division, placing the EU on track for a recession.
France’s statistical figure reported a 5.8% decrease from the first quarter of 2020, the maximum amount on record as 1949.
The bureau said the fall” is primarily connected to the shut-down of non-essential’ actions in the context of their execution of the lockdown because of mid-March.”
Italy that became the epicenter of the pandemic in Europe entered a downturn Thursday following its market shrank by over 4 percent.
The nation’s National Institute of Statistics reported a fall of 4.7%, the biggest since record-keeping started in 1995.
The nation’s data office Destatista reported that a 5.6% fall in March compared to the previous month and a 2.8% fall compared to the identical period interval in 2019.
The U.S. market contracted 4.8percent in the first quarter of this year since the coronavirus pandemic wreaked havoc on countries all around the world.
Sales dropped at the fastest amount since 2007 as shops throughout the nation.
The European Union market plummeted 3.5percent in the first quarter of 2020, the worst quarterly fall since the bloc started collecting statistics in 1995.
The nation’s National Statistics Institute reported a fall of 5.2percent in 2020’s first quarter.