RTE reports that the coronavirus outbreak will see a 2% recession in the eurozone this year, S&P Global has estimated today.

The credit rating agency warned that the contraction could be as much as 10% if the current lockdowns in the 19-country region last as long as four months.

With the economic costs "mounting quickly as measures to contain the virus increase... the eurozone and UK economies are now facing a recession of -2% for 2020," the agency said in a new report.

Risks are still to the downside, however.

"For example, we estimate a lockdown of four months could lower eurozone GDP by up to 10% this year," S&P said.