According to the preliminary flash estimate published by the statistical office of the European Union (Eurostat) on Tuesday 2 February, seasonally adjusted GDP in the fourth quarter of 2020 fell by 0.7% in the euro area and by 0.5% in the European Union, compared to the previous quarter.
The declines follow the strong recovery in the third quarter (+12.4% for GDP in the euro area and +11.5% in the EU) and the largest falls since the time series began in 1995 in the second quarter of 2020 (-11.7% in the euro area and -11.4% in the EU).
According to an initial estimate of the annual growth rate for 2020, based on quarterly data adjusted for seasonal fluctuations and the impact of the calendar, GDP fell by 6.8% in the euro area and 6.4% in the EU. These flash estimates will be subject to further revision.
Among the eleven Member States for which data is available for the fourth quarter of 2020, Austria (-4.3%) recorded the largest quarterly fall, followed by Italy (-2.0%) and France (-1.3%). Lithuania (+1.2%) and Latvia (+1.1%) recorded the largest rises, while growth was also positive in Germany (+0.1%) and Spain (+0.4%).
Growth rates compared to 2019 are negative for all eleven Member States. (Original version in French by Mathieu Bion)