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 Q1 2021 is not bright as many countries reinforced restrictions and imposed lockdowns aiming to stop the spread of the pandemic. Considering full 2020, the Euro Area economy shrank 6.8 percent. source: EUROSTAT
GDP Growth Rate in the Euro Area averaged 0.34 percent from 1995 until 2020, reaching an all time high of 12.40 percent in the third quarter of 2020 and a record low of -11.70 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 February of 2021.
GDP Growth Rate in Euro Area is expected to be -2.70 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 1.00 in 12 months time. In the long-term, the Euro Area GDP Growth Rate is projected to trend around 0.60 percent in 2022, according to our econometric models.