Euro area inflation expectations remain anchored to the ECB's inflation target. Five-year inflation expectations are significantly more stable and closer to 2% compared to headline inflation and short-term inflation expectations.

Exports of transport services were affected the most: in addition to a fall in the export value of transport services by sea and rail which was already observed previously and is likely to persist further due to lower freight volumes, exports of transport services by air and road also decreased because of the lockdown

The second quarter saw a less pronounced drop in the economic activity than expected at the onset of the crisis, being also reflected in a more moderate rise in unemployment. The support measures extended by the government also contributed to preventing unemployment growth.