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Euro zone GDP q1 2021 amid new covid lockdowns 


Folks stroll previous the closed iconic brasserie Les Deux Magots

LUDOVIC MARIN | AFP | Getty Photographs

LONDON — The euro zone economic system contracted within the first quarter of 2021, as international locations applied new lockdowns and restrictions amid a 3rd wave of coronavirus infections.

Gross home product (GDP) within the area fell by 0.6% quarter-on-quarter, in response to preliminary knowledge launched by Europe’s statistics workplace Eurostat.

A lot of the area’s largest economies — Germany, Italy and Spain — all noticed a decline in exercise through the first three months of the yr.

French shock

Contractions elsewhere

Nonetheless, in Germany, the economic system contracted 1.7% over the identical interval. It is worse than the 1.5% decline that analysts had been anticipating, in response to knowledge from Reuters.

The nation has been severely hit by the third wave and completely different approaches amongst its varied areas have additional sophisticated its combat in opposition to the pandemic.

In Italy, the newest GDP numbers confirmed a contraction of 0.4% for the quarter, barely higher than expectations. The Spanish economic system additionally shrunk over the identical interval, 0.5%.

Trying forward, nonetheless, economists are assured about 2021 for the euro zone. Nations within the area are as a result of begin receiving EU-wide Covid help funds within the second half of the yr, and the vaccination marketing campaign has accelerated considerably because the begin of 2021.

The European Union expects to have 70% of the grownup inhabitants vaccinated this summer time and tourism-reliant international locations are hoping {that a} bigger variety of vaccinated folks will enable them to have a extra profitable summer time season this yr.



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