Eurozone retirement plan assets decreased 5.5% to €2.7 trillion ($3 trillion) in the first quarter of 2020, according to the European Central Bank.
As of March 31, total eurozone retirement assets were equal to a quarter of the bloc's GDP in 2019, the ECB said in its first publication of retirement data since the introduction of reporting requirements in 2018. Some 50 million European citizens were enrolled in a plan.
Defined benefit fund liabilities amounted to €2.3 trillion, accounting for 86.5% of total obligations, while defined contribution plans' entitlements totaled €356 billion.
Investment funds accounted for 44.9% of total assets in the first quarter. The second largest asset class was debt at 26%, followed by equity at 8.3%.
Assets in investment funds decreased to €1.2 trillion at the end of the first quarter, from €1.4 trillion as of Dec. 31.
Debt assets increased to €719 billion at the end of the first quarter, up from €713 billion as of Dec. 31.
Equity holdings decreased to €230 billion as of March 31, down from €288 billion at the end of the previous quarter.
