The European Commission lowered its GDP forecasts for 2020 and 2021, saying that the lifting of COVID-19 lockdown measures in some countries was proceeding less swiftly than it had initially predicted. The EU executive said the bloc would shrink by a record 8.7 percent this year, before rebounding by 6.1 percent in 2021, compared with early May estimates of a 7.7 percent contraction in 2020 and a 6.3 percent recovery next year. Among the bloc's largest economies, Italy and Spain are seen posting the steepest contraction rates, with the GDP falling by 11.2 (vs -9.5 percent seen in May) and 10.9 percent (vs -9.4 percent seen in May), respectively. France's economy is forecast to shrink 10.6 percent (vs -8.2 percent seen in May), while Germany's GDP will probably drop by 6.3 percent (vs -6.5 percent seen in May). The Euro Area economy contracted by 3.1 percent from a year earlier in the first quarter of 2020.

GDP Annual Growth Rate in the Euro Area averaged 1.64 percent from 1995 until 2020, reaching an all time high of 5 percent in the first quarter of 1995 and a record low of -5.70 percent in the first quarter of 2009. This page provides - Euro Area GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Annual Growth Rate - values, historical data and charts - was last updated on July of 2020. source: Eurostat

GDP Annual Growth Rate in Euro Area is expected to be -8.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Euro Area to stand at 12.60 in 12 months time. In the long-term, the Euro Area GDP Annual Growth Rate is projected to trend around 4.00 percent in 2021 and 2.30 percent in 2022, according to our econometric models.

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Euro Area GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.10 1.00 5.00 -5.70 1995 - 2020 percent Quarterly

Euro Area GDP Annual Growth Rate
The Euro Area is the second largest economy in the world. Of the 19 member states it includes, the biggest are: Germany (29 percent of total GDP), France (20 percent), Italy (15 percent) and Spain (10 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (20 percent). Exports of goods and services account for 47 percent of GDP while imports account for 43 percent, adding 4 percent of total GDP.