Eurozone economy shrinks 6.8%

In 2020, the economy of the European Union (EU) decreased by 6.4%, and the economy of the Eurozone using the single currency (euro) dropped 6.8%, Report states, referring to the European Statistical Office (Eurostat).

The document also says that in the fourth quarter of last year, the value of the non-seasonal gross domestic product (GDP) in the EU was 0.5% lower than in the previous quarter and 4.8% lower than a year earlier. In the Eurozone, the rate of decline was 0.7% and 5.1%, respectively.

In the second quarter of last year, the EU economy shrank by 11.4% and the eurozone economy by 11.7%, while in the third quarter, the EU economy grew by 11.5% and the Eurozone economy by 12.4%.

In 2020, the biggest decline among European countries was in Spain - 9.1%. The economic downturn was 7.8% in Austria, 6.6% in Italy, 5.9% in Portugal, and 5% in France.