June 09, 2020

During the first quarter of 2020, GDP, seasonally adjusted, declined by 3.6% in the euro area and by 3.2% in the EU, according to the statistical office of the European Union (Eurostat). Notably, In March 2020, COVID-19 containment measures began to be widely introduced by Member States. In addition, in the fourth quarter of 2019, GDP rose by 0.1% in both the euro area and the EU.

In comparison with the same quarter of the previous year, seasonally adjusted GDP fell by 3.1% in the euro area and 2.6% in the EU in the first three months of 2020, after +1.0% and +1.2% respectively in the previous quarter.

There was a decrease in GDP in the United States by 1.3% during the first quarter of 2020 compared with the previous quarter, that is after 0.5% in the fourth quarter of 2019. Compared with the same quarter of the previous year, GDP increased by 0.3% (after +2.3% in the previous quarter).

GDP growth by Member State

Notably, for the first quarter of 2020, Ireland (+1.2%), Bulgaria and Romania (both +0.3%) and Sweden (+0.1%) experienced positive growth compared with the previous quarter. However, GDP decreased in all other EU Member states, the largest decreases observed in France and Italy (both -5.3%) and Spain and Slovakia (both -5.2%).

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