Eurozone posts biggest GDP drop ever

The COVID-19 crisis is taking a serious toll on the eurozone economy. In the April-June period, it suffered its biggest contraction since data-tracking began in 1995.

The European Union's statistics office says the gross domestic product of the 19 eurozone economies in the quarter fell 12.1 percent in real terms from the previous three months. The figure translates into an annualized rate of minus 40.3 percent.

In the euro area, retailers, auto manufacturers, tourism and other businesses have resumed much of their operations.

There's a growing view that the worst is over for the region's economy, but concerns remain about a resurgence of infections.