The horrendous impact of coronavirus on Europe's economy is growing clearer as GDP shrinks 3.8%, and Germany, France, and Spain report catastrophic data

• The eurozone economy contracted by 3.8% in the first quarter of 2020, according to preliminary estimates from Eurostat. The EU as a whole lost 3.5% of GDP, the data showed.
• France and Spain's economies shrank by 5.8% and 5.2% respectively in the first-quarter of 2020, a sign that the extensive havoc caused by measures imposed to curb the spread of the coronavirus is filtering through to the real economy.
• German retail turnover plunged to the largest fall from the previous month since January 2007.
• The data follows the release of stark data in the US on Wednesday, which showed GDP there shrinking by 4.8% annualized in Q1.
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The eurozone economy declined at the fastest rate on record, shrinking by 3.8%, according to the preliminary estimates from Eurostat on Thursday.

The data follows the release of stark data in the US on Wednesday, which showed GDP there shrinking by 4.8% annualized in Q1.

The economies of France and Spain shrank in the first quarter of 2020 at the fastest level since 1949, confirming that tough lockdown measures had an immediate impact on top economies of the eurozone. Elsewhere, Germany recorded its largest fall in retail sales since 2007 in March on Thursday.

Here's the latest on the economic upheaval for the top economies of the eurozone:

France sees its largest drop in GDP since 1949

France's gross domestic product shrank at the highest level since 1949, a drop of 5.8% in the first quarter of 2020, knocked down by containment measures to mitigate the coronavirus crisis.

The GDP contraction was even bigger than figures recorded in the first-quarter of 2009, a 1.6% decline, or that of the second-quarter of 1968 — when civil riots led to 10 million French workers going on a general strike — a 5.3% decline.

French statistics body INSEE said on Thursday that France's current "negative evolution" is primarily linked to the shut-down of non-essential activities implemented to contain the spread of the coronavirus since mid-March.

Other key metrics released on the French economy showed that:

• Household consumption expenditures dropped by 17.9%.
• Exports fell by 6.5%, imports by 5.9%.

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Spain loses over 5% of its GDP in Q1

Spanish GDP declined by 5.2% in the first-quarter of 2020 compared to a growth of 0.6% the same time last year, according to preliminary data from the National Statistics Institute. The Financial Times reports this figure to be the largest fall since data records began in 1949.

On average, analysts had expected a 4% quarterly decline for both France and Spanish GDP, the FT said.

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German retail sales plunge as shoppers stay home

German monthly retail sales plunged at the fastest level since 2007 as shops remained closed and turnover fell dramatically in individual retail trade branches.

Retail sales in March fell by 5.6% versus an expected 7.3% decline. On an annualized basis, the country's retail sales fell by 2.8% in March versus an increase of 6.5% in February, data from the statistics office Destatista showed.

The surge in sales in the previous month of February was direct evidence of the number of households stockpiling before the lockdown, authorities said.

Germany also warned of the biggest economic slump in its history this year, pushing the eurozone's top economy into a painful coronavirus-led recession, German broadcaster Deutsche Welle reported on Wednesday.

"We will experience the worst recession in the history of the Federal Republic" which was founded in 1949, economy minister Peter Altmaier said in Berlin, warning that Germany's GDP is set to decline by 6.3% in 2020, DW said.

GDP data for Germany will be released on May 15.

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