February 02, 2021
According to an estimate published by Eurostat, the statistical office of the European Union, for the fourth quarter of 2020 seasonally adjusted GDP for the euro area decreased by 0.7% and by 0.5% in the EU, when compared with the previous period. It was noted, “these declines, related to COVID-19 containment measures, follow a strong rebound in the third quarter of 2020 (+12.4% in the euro area and +11.5% in the EU) and the sharpest decreases since time series started in 1995 observed in the second quarter of 2020 (-11.7% in the euro area and -11.4% in the EU).”
Furthermore, in the fourth quarter of 2020, the seasonally adjusted GDP decreased by 5.1% in the euro area and by 4.8% in the EU when compared to the same quarter in 2019, after -4.3% in the euro area and -4.2% in the EU in the previous quarter.
Among the Member States, for which data are available for the fourth quarter 2020, Austria (-4.3%) recorded the highest decrease compared to the previous quarter, followed by Italy (-2.0%) and France (-1.3%) while Lithuania (+1.2%) and Latvia (+1.1%) recorded the highest increases. The year on year growth rates were still negative for all countries.
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