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.