Eurostat retains its estimate of GDP fall in eurozone in 1Q21

The GDP of 19 eurozone countries, according to the second estimate, decreased by 1.8 percent in annual terms and by 0.6 percent in quarterly terms in the first quarter of 2021, according to the EU statistical office Eurostat, Report informs.

The figures were in full agreement with the forecasts of analysts polled by the DailyFx portal and the first estimate released at the end of April.

The GDP of the EU countries in the first quarter, according to the second estimate, decreased by 1.7 percent in annual terms and by 0.4 percent in quarterly terms. The second assessment also coincided with the first one.

The GDP of the EU countries for 2020 fell by 6.2 percent, and the Eurozone saw a 6.6 percent decline. In the fourth quarter of 2020, the European GDP contracted by 4.6 percent on an annualized basis and by 0.5 percent on a quarterly basis, while the GDP of 19 eurozone countries dropped by 4.9 percent and 0.7 percent, respectively.