EU Commission: Severe risks to the economic outlook, tilted to the downside

Sees EU area 2020 GDP at -8.7% vs. the previous forecast of -7.7%.

Cuts Spain growth estimate for 2020 To -10.9% from -9.4%.

Downgrades Italy growth estimate for 2020 To -11.2% from -9.5%.

2021 forecast now at 6.1% from 6.5%.

Downgrades French growth estimate for 2020 To -10.6% from -8.2%.

Upgrades German growth estimate for 2020 To -6.3% from -6.5%.

Germany’s economic rebound in 2021 to be less pronounced than previously expected.

Forecasts revising estimates to 5.3% growth

Economic recovery will be uneven across member states.

There are 'severe' risks to the economic outlook, tilted to the downside.

Euro area economic divergences are 'more pronounced.'