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- Eurozone GDP fell more than expected in the fourth quarter
Eurozone GDP fell more than expected in the fourth quarter
According to the report from Eurostat, in the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.7% in the euro area and by 0.5% in the EU compared with the previous quarter. Economists had expected a 0.6% decrease in the euro area. These declines follow a strong rebound in the third quarter of 2020 (+12.5% in the euro area and +11.6% in the EU) and the sharpest decreases since the time series started in 1995 observed in the second quarter of 2020 (-11.6% in the euro area and -11.2% in the EU).
For the year 2020 as a whole, GDP fell by 6.6% in the euro area and by 6.2% in the EU, after +1.3% and +1.6% respectively in 2019.
Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 4.9% in the euro area and by 4.6% in the EU in the fourth quarter of 2020, after -4.2% and -4.1% respectively in the previous quarter.
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