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The euro economy shrank at the end of 2020 due to the weight of the pandemic

The European economy shrank 0.7% less than expected in the last three months of 2020 as French and German companies overcame a new round of anti-COVID-19 blockade somewhat better than expected.

That comfort of official figures released on Tuesday is expected to lag behind China and the United States in recovering from the worst of the pandemic in 19 euro-using countries, so erasing the dark outlook for the year. I could not do it.

According to the EU statistical agency Eurostat, the euro area has shrunk by 6.8% annually.

Growth figures plummeted 11.7% in the second quarter, highlighting the extraordinary economic data for the largest roller coaster year since the start of statistics in 1995, followed by a 12.4% recovery in the third quarter of late summer. I did. The winter wave has put new restrictions on travel, business and activities, but companies in some sectors, such as manufacturing, have been able to coordinate better than service businesses, such as hotels and restaurants.

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Europe’s largest German economy grew by only 0.1%, while France was down 1.3% more than expected. Overall, economists expected a 2.5% fall in the euro area by mid-January.

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The euro economy shrank at the end of 2020 due to the weight of the pandemic

Source link The euro economy shrank at the end of 2020 due to the weight of the pandemic

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