The Euro Area economy shrank 0.6 percent on quarter in January-March 2021, slightly less than forecasts of a 0.7 percent contraction, a preliminary estimate showed. The bloc entered a double-dip recession in the first quarter, as COVID-19 lockdowns continued to hammer the services industry. Among the bloc's biggest economies, Germany, Italy and Spain fell back into contraction territory, while France's economy returned to growth as the government delayed the imposition of lockdown measures. Year-on-year, the GDP dropped 1.8 percent in the first quarter, easing from a 4.9 percent slump in the previous three-month period. source: EUROSTAT

GDP Growth Rate in the Euro Area averaged 0.33 percent from 1995 until 2021, reaching an all time high of 12.50 percent in the third quarter of 2020 and a record low of -11.60 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 May of 2021.

GDP Growth Rate in Euro Area is expected to be 1.40 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 0.60 in 12 months time. In the long-term, the Euro Area GDP Growth Rate is projected to trend around 0.50 percent in 2022 and 0.40 percent in 2023, according to our econometric models.

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Euro Area GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.60 -0.70 12.50 -11.60 1995 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-02-02 10:00 AM QoQ Flash Q4 -0.7% 12.4% -1% -2.2%
2021-02-16 10:00 AM QoQ 2nd Est Q4 -0.6% 12.4% -0.7% -0.7%
2021-03-09 10:00 AM QoQ 3rd Est Q4 -0.7% 12.5% -0.6% -0.6%
2021-04-30 09:00 AM QoQ Flash Q1 -0.6% -0.7% -0.8% -1.0%
2021-05-18 09:00 AM QoQ 2nd Est Q1 -0.7% -0.6% -0.6%
2021-06-08 09:00 AM QoQ 3rd Est Q1 -0.7%
2021-07-30 09:00 AM QoQ Flash Q2 1.4%
2021-08-17 09:00 AM QoQ 2nd Est Q2


News Stream
Eurozone Enters Double-dip Recession in Q1
The Euro Area economy shrank 0.6 percent on quarter in January-March 2021, slightly less than forecasts of a 0.7 percent contraction, a preliminary estimate showed. The bloc entered a double-dip recession in the first quarter, as COVID-19 lockdowns continued to hammer the services industry. Among the bloc's biggest economies, Germany, Italy and Spain fell back into contraction territory, while France's economy returned to growth as the government delayed the imposition of lockdown measures. Year-on-year, the GDP dropped 1.8 percent in the first quarter, easing from a 4.9 percent slump in the previous three-month period.
2021-04-30
Eurozone GDP Contracts 0.7% in Q4
The Eurozone economy shrank by 0.7 percent in the fourth quarter of 2020, following a record 12.5 percent expansion in the previous three-month period and an unprecedent 11.6 percent contraction in the second quarter due to the COVID-19 crisis. Household consumption decreased by 3.0 percent (vs 14.1 percent in Q3), and net external demand contributed negatively to the GDP as exports rose less than imports. Meanwhile, fixed investment grew by 1.6 percent (vs 13.9 percent in Q3) and changes in inventories added 0.6 percentage points to growth. Among the bloc's largest economies, France, Italy and the Netherlands contracted in the fourth quarter, while GDP growth in Germany and Spain slowed sharply. For the year 2020 as a whole, GDP fell by 6.6 percent, following a 1.3 percent expansion in 2019.
2021-03-09
Eurozone Q4 GDP Falls Less than Initially Thought
The Eurozone economy shrank by 0.6 percent on quarter in the three months to December 2020, less than an initial estimate of 0.7 percent fall, amid pandemic lockdowns. The latest reading followed a record 12.4 percent expansion in the previous three-month period and an unprecedent 11.7 percent contraction in the second quarter due to the COVID-19 crisis. Among the bloc's largest economies, France, Italy and the Netherlands contracted in the fourth quarter, while GDP growth in Germany and Spain slowed sharply. Year-on-year, the GDP shrank by 5.0 percent, also revised lower from a preliminary 5.1 percent decline.
2021-02-16
Eurozone Economy Shrinks Less than Expected
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.
2021-02-02

Euro Area GDP Growth Rate
The Euro Area is an economic and monetary union of 19 European countries that adopted the euro as their currency. It is the second largest economy in the world and if it was a country it would be the third most populous with 341 million inhabitants. Germany, France, Italy and Spain are the most important economies accounting respectively for 29 percent, 20 percent, 15 percent and 10 percent of the bloc’s GDP.