European economy shrinks by historic margin: Live business updates

New York Times: The European economy tumbled into its worst recession on record in the second quarter, as quarantines in countries across the continent brought business, trade and consumer spending to a grinding halt. From April to June, gross domestic product fell from the first quarter by 11.9 percent in the 27 member states of the European Union, and by 12.1 percent in countries that use the euro currency, according to figures released on Friday by Eurostat, the bloc’s statistics agency.

Economic pain from cruise industry shutdown is far-reaching

In late April, CLIA calculated that if the suspension of cruising continued for 60 days, the loss worldwide would total $21 billion in economic activity, 2,500 jobs per day and $7.3 billion in wages, reports Travel Weekly.

 

None of the largest cruise lines are slated to resume sailing until the end of July at best, an unprecedented pause that CLIA now estimates could have a global impact of 334,000 lost jobs and $50 billion in economic activity. CLIA’s current worst-case scenario — that the pause continues through September — would mean a loss of $77 billion, more than half of the industry’s $150 billion in annual global economic activity.

 

Such numbers are almost unfathomable. But looking at individual destinations, including the world’s largest cruise ports and some of the smallest, shines a light on the industry’s local impact.

Crippling economic impact starting to be felt

A new raft of bleak economic data laid bare the crippling worldwide impact of the coronavirus pandemic, as hard-hit Europe moved to further ease lockdown measures in a bid to get people back to work, reports Hellenic Shipping News.

The United States said another 3.2 million people filed unemployment claims last week, while Germany and France reported major slumps in industrial production and Britain said its economic output would plummet by 14% this year.