In the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.6% in the euro area and by 0.4% in the EU, compared with the previous quarter, according to a flash estimate published by the Statistical Office of the European Union (Eurostat) on Tuesday 16 February.
According to data received from 20 Member States, the largest decline was recorded in Austria (-4.3% of GDP), Italy (-2.0%) and France (-1.3%). On the other hand, GDP grew by 5.3% in Romania and by 2.1% in Bulgaria. Growth was sluggish in Germany (+0.1% of GDP), and there was only slight growth in Spain (+0.4%).
These declines follow a strong rebound in the third quarter of 2020 (+12.4% in the euro area and +11.5% in the EU) and the sharpest decreases since the time series started in 1995 observed in the second quarter of 2020 (-11.7% in the euro area and -11.4% in the EU).
According to a first estimate of the annual growth for 2020, GDP fell by 6.8% in the euro area and 6.4% in the EU.
Employment. The number of employed persons increased by 0.3% in both the euro area and in the EU in the fourth quarter of 2020, compared with the previous quarter. In the third quarter of 2020, employment increased by 1.0% in the euro area and 0.9% in the EU.
According to an estimate of annual growth for 2020, employment decreased by 1.8% in the euro area and by 1.6% in the EU. (Original version in French by Mathieu Bion)