Euro 2020 GDP shrinks by 6.8%
According to data released by Eurostat, the euro zone’s GDP will shrink by 6.8% in 2020. German Newsweek reported that the euro zone’s economy in the fourth quarter of 2020 fell by 0.7% compared to the previous quarter. The economic performance of the member states is different: Austria’s GDP fell by 4.3% compared to the previous quarter, Italy fell by 2%, and France fell by 1.3%. Some countries have experienced economic growth. Among them, Lithuania increased by 1.2% from the previous quarter, Latvia increased by 1.1%, and Germany increased by 0.1%.
The analysis believes that the euro zone’s GDP decline in the fourth quarter of 2020 is relatively small, indicating that the strict epidemic prevention measures of EU countries have taken effect. But if compared with the fourth quarter of 2019, the economic output of all countries in the Eurozone is in the red zone-Spain fell 9.1%, and Austria fell 7.8%. European Central Bank President Lagarde said last week that due to blockade measures taken by some countries, the euro zone economy will continue to be in a downturn in the first quarter of 2021. However, it is expected that the Eurozone economy will rebound in 2021, with an annual growth of 3.9%.
