News

Eurozone GDP Contraction Less Severe than 1st Thought
The Euro Area economy shrank 0.3 percent on quarter in the first three months of 2021, compared with a preliminary estimate of 0.6 percent contraction. Still, the bloc entered a double-dip recession as activity and demand were hit by fresh distancing and lockdown measures imposed during that period, to curb the spread of the coronavirus pandemic. A sharp decline in household consumption was partially offset by an increase in fixed investment and positive contributions from net trade and inventories. Among the bloc's largest economies, Germany, France, Spain and the Netherlands fell back into contraction territory, while Italy's economy posted modest growth despite the restrictions. Year-on-year, the GDP dropped 1.3 percent in the first quarter, much less than a second estimate of 1.8 percent fall.
Published on 2021-06-08

Eurozone Economic Recession Confirmed in Q1
The Euro Area economy shrank 0.6 percent on quarter in January-March 2021, entering a double-dip recession, as several countries across the region imposed social distancing and lockdown measures to curb the spread of the coronavirus pandemic. The services industry was one of the hardest hit, in particular, the leisure and hospitality industries and other consumer-related sectors. Among the bloc's largest economies, Germany, Italy, Spain and the Netherlands fell back into contraction territory, while France's economy returned to growth as the government delayed the imposition of lockdown. Year-on-year, the GDP dropped 1.8 percent in the first quarter, easing from a 4.9 percent slump in the previous three-month period.
Published on 2021-05-18

Eurozone Enters Double-dip Recession in Q1
The Euro Area economy shrank 0.6 percent on quarter in January-March 2021, slightly less than forecasts of a 0.7 percent contraction, a preliminary estimate showed. The bloc entered a double-dip recession in the first quarter, as COVID-19 lockdowns continued to hammer the services industry. Among the bloc's biggest economies, Germany, Italy and Spain fell back into contraction territory, while France's economy returned to growth as the government delayed the imposition of lockdown measures. Year-on-year, the GDP dropped 1.8 percent in the first quarter, easing from a 4.9 percent slump in the previous three-month period.
Published on 2021-04-30

Eurozone GDP Contracts 0.7% in Q4
The Eurozone economy shrank by 0.7 percent in the fourth quarter of 2020, following a record 12.5 percent expansion in the previous three-month period and an unprecedent 11.6 percent contraction in the second quarter due to the COVID-19 crisis. Household consumption decreased by 3.0 percent (vs 14.1 percent in Q3), and net external demand contributed negatively to the GDP as exports rose less than imports. Meanwhile, fixed investment grew by 1.6 percent (vs 13.9 percent in Q3) and changes in inventories added 0.6 percentage points to growth. Among the bloc's largest economies, France, Italy and the Netherlands contracted in the fourth quarter, while GDP growth in Germany and Spain slowed sharply. For the year 2020 as a whole, GDP fell by 6.6 percent, following a 1.3 percent expansion in 2019.
Published on 2021-03-09

Eurozone Q4 GDP Falls Less than Initially Thought
The Eurozone economy shrank by 0.6 percent on quarter in the three months to December 2020, less than an initial estimate of 0.7 percent fall, amid pandemic lockdowns. The latest reading followed a record 12.4 percent expansion in the previous three-month period and an unprecedent 11.7 percent contraction in the second quarter due to the COVID-19 crisis. Among the bloc's largest economies, France, Italy and the Netherlands contracted in the fourth quarter, while GDP growth in Germany and Spain slowed sharply. Year-on-year, the GDP shrank by 5.0 percent, also revised lower from a preliminary 5.1 percent decline.
Published on 2021-02-16

Eurozone Economy Shrinks Less than Expected
The Euro Area economy shrank 0.7 percent on quarter in the last three months of 2020, slightly less than forecasts of a 1 percent plunge, and following a downwardly revised 12.4 percent record growth in the previous period. The contraction was due to COVID-19 containment measures, preliminary estimates showed. Among the bloc's biggest economies, Italy contracted 2 percent and France 1.3 percent while Germany (0.1 percent) and Spain (0.4 percent) managed to avoid the contraction. However, the outlook for Q1 2021 is not bright as many countries reinforced restrictions and imposed lockdowns aiming to stop the spread of the pandemic. Considering full 2020, the Euro Area economy shrank 6.8 percent.
Published on 2021-02-02

Eurozone Q3 GDP Growth Revised Slightly Lower
The Eurozone economy grew by 12.5 percent in the three months to September 2020, recovering from a record slump of 11.7 percent in the previous period and compared with a second estimate of a 12.6 percent advance. It was the steepest pace of expansion since 1995, boosted by a rebound in activity and demand as lockdowns imposed to contain the spread of the coronavirus pandemic were gradually lifted. Year-on-year, the GDP shrank by 4.3 percent, easing from a record contraction of 14.7 percent in the second quarter.
Published on 2020-12-08

Eurozone Q3 GDP Growth Revised Slightly Lower
The Eurozone economy grew by 12.6 percent in the three months to September 2020, recovering from a record 11.8 percent slump in the previous period and compared with early estimates of a 12.7 percent advance. It was the steepest pace of expansion since 1995, boosted by a rebound in activity and demand as lockdowns imposed to contain the spread of the coronavirus pandemic were gradually lifted. All major economies in the region posted record GDP expansion rates: France (18.2 percent vs -13.7 percent in Q2); Spain (16.7 percent vs -17.8 percent); Italy (16.1 percent vs -13.0 percent); and Germany (8.2 percent vs -9.8 percent). Year-on-year, the GDP shrank by 4.4 percent, easing from a record contraction of 14.8 percent in the second quarter.
Published on 2020-11-13

Eurozone GDP Expands at Record 12.7% in Q3
The Eurozone economy grew by 12.7 percent in the three months to September 2020, recovering from a record slump of 11.8 percent seen during the second quarter and easily beating market expectations of 9.4 percent, a preliminary estimate showed. That was the steepest pace of expansion since comparable data started to being collected in 1995, boosted by a rebound in activity and global demand after European countries lifted lockdowns imposed to contain the spread of the coronavirus pandemic. All major economies in the region posted record GDP expansion: France (18.2 percent vs -13.7 percent in Q2); Spain (16.7 percent vs -17.8 percent); Italy (16.1 percent vs -13.0 percent); and Germany (8.2 percent vs -9.8 percent). Year-on-year, the GDP shrank by 4.3 percent, easing from a record contraction of 14.8 percent in the second quarter.
Published on 2020-10-30

Euro Area GDP Contracts at Record 11.8% in Q2
The Euro Area economy shrank 11.8 percent on quarter in the three months to June of 2020, slightly less than initial estimates of a 12.1 percent fall. Still, it is the biggest contraction on record, pushing the economy to a recession as the coronavirus restrictions hurt most sectors. Declines were broad-based: household consumption went down 12.4 percent, investment plunged 17 percent, government spending decreased 2.6 percent. Also, exports sank 18.8 percent and imports dropped 18 percent. Among the bloc's largest economies, Spain posted the biggest decrease in economic activity (-18.5 percent), followed by France (-13.8 percent), Italy (-12.8 percent) and Germany (-9.7 percent).
Published on 2020-09-08

Eurozone Record Economic Contraction Confirmed
The Eurozone economy shrank 12.1 percent in the three months to June 2020, the biggest contraction on record and entering a recession, a second estimate showed. Germany, France, Italy and Spain all posted record declines in GDP as lockdowns imposed to contain the spread of the coronavirus pandemic hit activity and global demand.
Published on 2020-08-14

Eurozone Economy Suffers Record Q2 Decline
The Eurozone economy shrank by 12.1 percent in the three months to June 2020, entering a steep recession, a preliminary estimate showed. That was the biggest contraction on record, as lockdowns imposed to contain the spread of the coronavirus pandemic hit activity and global demand. All major economies in the region posted record declines in GDP: Spain (-18.5percent), Italy (-12.4 percent), France (-13.8 percent) and Germany (-10.1 percent).
Published on 2020-07-31

Eurozone GDP Contraction Revised, Largest on Record
The Eurozone economy shrank by 3.6 percent on quarter in the first three months of 2020, compared with preliminary estimates of a 3.8 percent contraction and the previous period's 0.1 percent growth. It was still the steepest contraction on record as a coronavirus lockdown from mid-March forced non-essential businesses to close and consumers to stay at home. Among the bloc's largest economies, Germany's GDP contraction was the sharpest since 2009, while France, Spain and Italy economies shrank the most on record. Germany, France and Italy all entered a recession.
Published on 2020-06-09

Eurozone GDP Contracts the Most on Record
The Eurozone quarterly economic contraction was confirmed at 3.8 percent in the first quarter of 2020, the steepest since comparable records began in 1995 as COVID-19 containment measures began to be widely introduced by Member States in mid-March. Germany, France, Spain and Italy economies shrank the most on record, with Germany and France entering a recession.
Published on 2020-05-15

Eurozone GDP Contracts at Record Pace
The Eurozone economy shrank by 3.8% on quarter in Q1, compared to market expectations of a 3.5% contraction, a flash estimate showed. It was the steepest contraction since comparable records began in 1995 as a coronavirus lockdown from mid-March forced businesses to close and consumers to stay at home. France, Spain and Italy economies contracted the most on record, with France entering a recession.
Published on 2020-04-30

Eurozone GDP Growth Confirmed at 7-Year Low
The Eurozone quarterly economic growth was confirmed at 0.1 percent in the last three months of 2019, the weakest since a contraction was recorded in early 2013. Household consumption rose at a softer pace (0.1 percent vs 0.5 percent in Q3) as well as public spending (0.3 percent vs 0.6 percent), while net external demand contributed negatively to the GDP, with imports climbing 2.2 percent (vs -1.3 percent in Q3) and exports advancing 0.4 percent (vs 0.6 percent in Q3). On a more positive note, fixed investment jumped 4.2 percent, recovering from a 3.8 percent contraction in the previous period. Among the bloc's largest economies, Spain's GDP growth picked up, while Germany's economy stalled and France and Italy fell into recession.
Published on 2020-03-10

Eurozone Q4 GDP Growth Confirmed at 7-Year Low
The Eurozone economy grew only 0.1 percent in the fourth quarter of 2019, below 0.3 percent expansion reported in the previous three-month period, a second estimate showed. That was the weakest pace of growth since a 0.4 percent contraction in the first quarter of 2013. Among the bloc's largest economies, German GDP stalled, while France and Italy contracted 0.1 and 0.4 percent respectively. On the other hand, Spain's economy expanded 0.5 percent.
Published on 2020-02-14

Eurozone GDP Grows the Least in Almost 7 Years
The Eurozone economy grew by just 0.1 percent on quarter in the last three months of 2019, easing from an upwardly revised 0.3 percent expansion in the previous period and missing market expectations of 0.2 percent, a flash estimate showed. That was the weakest growth rate since a contraction was recorded in the first quarter of 2013, as the economies of France and Italy shrank unexpectedly while Spain's GDP growth accelerated.
Published on 2020-01-31

Eurozone Q3 GDP Growth Confirmed at 0.2%
The Eurozone quarterly economic growth was confirmed at 0.2 percent in the third quarter of 2019, the same as in the previous three-month period, the final estimate showed. Household consumption, government spending and fixed investment supported the expansion, while net trade and inventory changes contributed negatively to GDP. Among the bloc's largest economies, Germany's economy avoided entering a recession in the third quarter (0.1 percent vs -0.2 percent in Q2), while GDP growth was unchanged in France (at 0.3 percent), Spain (at 0.4 percent) and Italy (at 0.1 percent).
Published on 2019-12-05

Eurozone Q3 GDP Growth Confirmed at 0.2%
The Eurozone quarterly economic growth was confirmed at 0.2 percent in the third quarter of 2019, the same as in the previous three-month period, a second estimate showed. Among the bloc's largest economies, Germany avoided entering a recession in the third quarter, largely driven by public and private consumption, while GDP growth rates were unchanged in France, Italy and Spain.
Published on 2019-11-14