This article is over two years old.
The euro zone economy recorded a decline of 6.4% in 2020, due to the Covid-19 pandemic.
:quality(50)/2023/07/06/64a68815cd1a7_placeholder-36b69ec8.png)
Published
Update
Reading time: 1 min
:quality(50)/2022/01/31/php0ho4Eg.jpg)
This is a sign of the recovery of the European economy. The euro zone’s gross domestic product (GDP) recorded historic growth of 5.2% last year, as in the European Union (EU) as a whole, in line with Brussels forecasts, according to a first estimate published Monday January 31 by Eurostat.
In 2020, GDP recorded a fall of 6.4% in the 19 countries sharing the single currency and of 5.9% within the European Union, according to the European Statistics Office. In its latest forecasts in November, the European Commission anticipated growth of 5.2% in the euro zone for 2021.
The European economy suffered a significant slowdown in the fourth quarter, affected by the resurgence of Covid-19 cases which led to new restrictive measures, particularly in the hotel and catering industry. It remains behind its Chinese and American rivals. Growth reached 5.7% last year in the United States. China, for its part, published annual growth of 8.1% for 2021.
