May 04, 2021
According to an estimate published by Eurostat, the statistical office of the European Union, for the first quarter of 2021 seasonally adjusted GDP for the euro area decreased by 0.6% and by 0.4% in the EU, when compared with the previous period. It was noted, “these declines follow falls in the fourth quarter of 2020 (-0.7% in the euro area and -0.5% in the EU) after a strong rebound in the third quarter of 2020 (+12.5% in the euro area and +11.7% in the EU) and the sharpest decreases since the time series started in 1995 observed in the second quarter of 2020 (-11.6% in the euro area and -11.2% in the EU).”
Furthermore, at the end of the first quarter of 2021, the seasonally adjusted GDP decreased by 1.8% in the euro area and by 1.7% in the EU when compared to the same quarter in 2020, after -4.9% in the euro area and -4.6% in the EU in the previous quarter.
It was observed that, “among the Member States for which data are available for the first quarter 2021, Portugal (-3.3%) recorded the highest decrease compared to the previous quarter, followed by Latvia (-2.6%) and Germany (-1.7%), while Lithuania (+1.8%) and Sweden (+1.1%) recorded the highest increases. The year on year growth rates were negative for all countries except for France (+1.5%) and Lithuania (+1.0%).” as per Eurostat.
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