The GDP of the EU member states in the second quarter fell by 14.4% in annual terms, according to a press release from the statistical agency Eurostat.

Every quarter, the figure was down 11.9%. In the first three months of the year, the decline was 3.6%. Thus, the European economy entered a recession.

The eurozone includes 19 countries. According to the first estimate, in the second quarter, their GDP declined by 12.1% and by 15% - on an annual basis. Analysts polled by Reuters had forecast declines of 11.2% and 13.9%, respectively.

The fall in all indicators was the strongest since the start of statistics in 1995.

Earlier, the chief expert on European economics at Oxford Economics Angel Talavera noted that significant economic growth in Europe is expected in the third quarter.

However, he noted that the recovery in the summer months will be weaker.