PARIS—The economy of the 19-country eurozone shrank by a devastating 12.1 percent during the second quarter from the quarter before as coronavirus lockdowns froze business and consumer activity. It was the largest drop on record.
Spain, which suffered a severe virus outbreak that devastated its tourism industry, was the hardest hit with a 18.5 percent drop. Italy and Portugal were also hard hit but no country escaped. It was the biggest decline since the records started in 1995.
