The eurozone economic system contracted once more on the finish of the yr amid the pandemic lockdowns, Eurostat’s preliminary estimates confirmed on Tuesday.
The EU’s statistics company stated that GDP fell by 0.7% within the fourth quarter, whereas on an annualised foundation, the economic system shrank by 5.1%.
Analysts anticipated a 1.0% quarterly fall and a 5.4% annual contraction after a pointy rebound within the third quarter interval when the euro zone eased restrictions on travel.
Following a revision of information for Q3, Eurostat stated eurozone GDP expanded 12.4% within the interval, in contrast with a primary estimate of 12.7% development.
Tuesday’s information confirmed that France registered a 1.3% decline, Spain registered a 0.4% GDP enhance and Germany grew 0.1% within the final quarter of 2020. Italian GDP declined 2.0% in the course of the fourth quarter.
On Monday, Eurostat stated that the forex space’s unemployment fee remained unchanged at 8.3% in December.