Spain, which suffered a severe virus outbreak that devastated its tourism industry, was the hardest hit with a 18.5% drop. Italy and Portugal were also hard hit but no country escaped. It was the biggest decline since the records started in 1995.
The decline in Europe compares to a 9.5% quarter on quarter decline for the United States.
European governments are countering the downturn with massive stimulus measures at the national and European Union level. EU leaders have agreed on a 750 billion-euro recovery fund backed by common borrowing to support the recovery from 2021.
National governments have stepped in with loans to keep businesses afloat and wage support programs that pay workers salaries while they are furloughed. The European Central Bank is pumping 1.35 trillion euros in newly printed money into the economy through bond purchases, a step which helps keep borrowing costs low.