GDP data for Q2 show that most European economies entered recessions in the first half of 2020. Detailed figures for production and expenditure in France show that exports, investment, and especially construction have been hit the hardest in Q2. Manufacturing and retail sales started to recover in May and June in the Euro Area, yet fear of job losses in the second half of the year may curb consumer spending in the coming months. Looking ahead, resurgence of COVID-19 cases fuels fears of an early “second wave,” which could weaken the expected rebound of the economy in the third quarter.