Eurozone GDP fell 2.2% in 2020

Eurozone GDP recorded an annual decline of 6.6% in 2020, compared to 1.3% growth in 2019, which despite being the largest contraction of the euro economy in the entire chain as a result of the pandemic, is one-tenth less than the previous estimate by the Office of Community Statistics, Eurostat. .

For its part, in the European Union as a whole, GDP contracted by 6.2% in 2020, in contrast to an expansion of 1.6% in 2019.

The Eurozone economy declined by 4.5% in 2009 as a result of the global financial crisis that caused the Great Recession, while the 27 GDP fell by 4.3% that year.

Between October and December, the Eurozone economy contracted by 0.7%, one-tenth more than expected, after having recovered by 12.5% ​​in the third quarter, while declining by 4.9% compared to the fourth quarter of 2019.

On the 27th, GDP fell 0.5% in the fourth quarter of 2020, after a record 11.6% expansion in the previous three months. In the yearly comparison, the European Union economy contracted by 4.6%.

Among the European Union countries, Romania and Malta recorded the highest quarterly increase in GDP between October and December 2020, at 4.8% and 3.8%, respectively; Ahead of Croatia and Greece, both by 2.7%; The most pronounced decline was observed in Ireland, at -5.1%, Austria -2.7%, followed by Italy with -1.9% and France at -1.4%.

Compared to the fourth quarter of 2019, the best development of the economy was in line with Ireland, dropping 0.2%, followed by Lithuania and Finland, with contraction of 1 and 1.4%, respectively.

READ  Two Spirit Airlines passengers arrested after an altercation with gate agents in Detroit

On the other hand, the largest annual decline was observed in the fourth quarter in Spain, at -9.1%. Greece –7.9% and Croatia –7.1%.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top