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. source: EUROSTAT
GDP Growth Rate in the Euro Area averaged 0.33 percent from 1995 until 2020, reaching an all time high of 12.50 percent in the third quarter of 2020 and a record low of -11.60 percent in the second quarter of 2020. This page provides - Euro Area GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.
GDP Growth Rate in Euro Area is expected to be -1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Euro Area to stand at 1.00 in 12 months time. In the long-term, the Euro Area GDP Growth Rate is projected to trend around 0.50 percent in 2022 and 0.40 percent in 2023, according to our econometric models.