الاقتصاد الأوروبي في أزمة جراء فيروس كورونا bayanealyaoume.press.ma - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bayanealyaoume.press.ma Daily Mail and Mail on Sunday newspapers.
Channels Television
The eurozone economy shrank less than expected in 2020 given the devastating consequences of the covid-19 pandemic, official data showed on Tuesday.
The Eurostat statistics agency said the eurozone economy shrank by 6.8 percent in 2020, and by 0.7 percent in the fourth quarter.
Though catastrophic, this was much better than the EU commission’s forecast of a 7.8 percent crash, made in November.
But early indicators show that the 19-countries that use the euro currency now face the prospect of a fresh recession after a recovery last summer was cut short by a second wave of the pandemic.
This is due to a halting start to the vaccination campaign in Europe and continued covid-related restrictions.
The economic slump leaves the EU lagging behind the United States and China, which both recorded slight quarter-on-quarter growths to the GDP.
Christoph Weil, economist at Commerzbank, said: “In the first quarter of 2021, the decline is likely to be somewhat steeper.
“However, there will not be a slump like the one in the first half of 2020. Instead, a noticeable recovery is likely to set in again from the spring.”
Raffi Boyadjian, a senior investment analyst at currency trader XM, said the euro currency’s woes reflected the bloc’s “vaccine mess”.
Slow EU vaccine roll-out blamed for Eurozone s faltering economic performance (Image: GETTY)
Eurozone Economy Shrinks In Q4
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Due to the restrictions related to Covid-19, the euro area economy contracted in the fourth quarter after bouncing back in the preceding three months, preliminary flash estimate published by Eurostat showed on Tuesday.
Gross domestic product fell 0.7 percent sequentially, in contrast to a sharp growth of 12.4 percent logged in the third quarter. However, the pace of contraction was less than the economists forecast of -1 percent.
On a yearly basis, the economy shrank 5.1 percent, bigger than the 4.3 percent decline seen in the third quarter and economists forecast of -5.4 percent.
الاقتصاد الاوروبي في أزمة جراء فيروس كورونا عام 2020 aleqt.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aleqt.com Daily Mail and Mail on Sunday newspapers.