Eurozone Economy Contracts by Record 40%

FRANKFURT—Stringent lockdowns weighed greatly on Europe’s economic system in the 2nd quarter, producing a report decline that was even far more critical than in the U.S., but the continent’s tactic of containment coupled with intense stimulus is fanning hopes of a strong restoration.

The eurozone’s gross domestic product or service fell 40.three% yearly in the 3 months via June, exceeding the U.S. economy’s 32.9% contraction, according to data posted Friday. That is by far the sharpest decline because similar documents began in 1995, according…