The Eurozone economy shrank by 12.1 percent in the three months to June 2020, entering a steep recession, a preliminary estimate showed. That was the biggest contraction on record, as lockdowns imposed to contain the spread of the coronavirus pandemic hit activity and global demand. All major economies in the region posted record declines in GDP: Spain (-18.5percent), Italy (-12.4 percent), France (-13.8 percent) and Germany (-10.1 percent).
GDP Growth Rate in the Euro Area averaged 0.22 percent from 1995 until 2020, reaching an all time high of 1.30 percent in the second quarter of 1997 and a record low of -12.10 percent in the second quarter of 2020. This page provides - Euro Area GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Eurostat
GDP Growth Rate in Euro Area is expected to be 7.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Euro Area to stand at 1.40 in 12 months time. In the long-term, the Euro Area GDP Growth Rate is projected to trend around 1.00 percent in 2021 and 0.60 percent in 2022, according to our econometric models.