Seasonally adjusted GDP fell by 3.6% in the euro area and by 3.2% in the European Union in the first quarter of 2020, compared to the fourth quarter of 2019, according to data released by the Statistical Office of the European Union (Eurostat) on Tuesday 9 June.
Despite a slightly upward revision of data with respect to initial estimates – a fall of 3.8% for the euro area and 33% for the EU – issued in mid-May (see EUROPE 12488/24), “these are the largest decreases since the start of the series in 1995”, Eurostat stated in a release.
There are wide divergences between the 26 Member States for which data has been made available. Ireland (+1.2%), Bulgaria and Romania (+0.3% each) and Sweden (+0.1%) all recorded further positive growth. In all other Member States, GDP declined. The largest falls were recorded in France and Italy (both -5.3%), then Spain and Slovakia (both -5.2%). In Germany, the fall in GDP amounted to 2.2%.
The contribution of household final consumption expenditure to GDP growth was strongly negative in both the euro area (-2.5 percentage points) and in the EU (-2.3 pp). At an industry level, the largest falls were seen in trade, transport, accommodation and food services (-6.8% in the euro area and -6.2% in the EU).
Employment Compared to the fourth quarter of 2019, the number of persons employed fell by 0.2% in the euro area and by 0.1% in the EU during the first quarter of 2020. This is the first decline since 2013 for both the euro area and the EU. (Original version in French by Mathieu Bion)