The Euro Area economy shrank 0.7 percent on quarter in the last three months of 2020, slightly less than forecasts of a 1 percent plunge, and following a downwardly revised 12.4 percent record growth in the previous period.
The contraction was due to COVID-19 containment measures, preliminary estimates showed. Among the bloc’s biggest economies, Italy contracted 2 percent and France 1.3 percent while Germany (0.1 percent) and Spain (0.4 percent) managed to avoid the contraction.
However, the outlook for the first quarter of this year is not bright as many countries reinforced restrictions and imposed lockdowns aiming to stop the spread of the pandemic.
Follow us on:
