European Union economy contracted by 0.4 percent

The European Union’s economy contracted by 0.4 percent in the fourth quarter of 2020 compared to the previous quarter, due to the new type of coronavirus (Kovid-19) outbreak.

The European Statistics Office (Eurostat) published the growth and employment data of the European Union (EU) and the Eurozone for the fourth quarter of 2020.
Accordingly, the seasonally adjusted Gross Domestic Product (GDP) in the 19-member Eurozone fell 0.6 percent in the fourth quarter of 2020 compared to the previous quarter. GDP in the Euro Zone decreased by 5 percent in the fourth quarter of 2020 compared to the same period of 2019.
In the EU, seasonally adjusted GDP decreased by 0.4 percent in the fourth quarter of 2020 compared to the previous quarter and by 4.8 percent compared to the fourth quarter of 2019. Thus, in 2020, the EU economy contracted 6.4 percent and the Euro Area 6.8 percent.

In the fourth quarter compared to the third quarter, GDP increased by 0.4 percent in Spain and 0.1 percent in Germany, while it decreased by 1.3 percent in France and 2 percent in Italy.

On the other hand, GDP fell by 9.1 percent in Spain, 6.6 percent in Italy, 5 percent in France and 3.9 percent in Germany in the fourth quarter compared to the same period of the previous year.

Employment

Employment in the EU and Eurozone increased by 0.3 percent in the fourth quarter of 2020 compared to the previous quarter. During the period in question, employment decreased by 1.7 percent in the EU and 2 percent in the Eurozone compared to the fourth quarter of 2019.


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Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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