Euro zone GDP falls less than expected at end of 2020

Eurozone on brink of double-dip recession

European economy suffered the sharpest quarterly slowdown on record in the second quarter a year ago due to the pandemic, followed by a two-digit strong rebound in the third quarter.

That compares with quarter-on-quarter GDP growth of 1 per cent in the United States and 2.6 per cent in China in the final three months of 2020.

China has already shaken off the economic impact of Covid-19, growing 2.3 per cent over the course of 2020, while the USA economy is expected to reach its pre-pandemic scale by the middle of this year after shrinking 3.5 per cent last year. China, with a 2.3 percent increase in GDP year-on-year, is expected to be the only major economy to post growth in the pandemic-ravaged year.

However, the eurozone's fourth-quarter contraction was milder than the 1.2 per cent fall expected by economists polled by Reuters, and better than the European Central Bank's forecast for a decline of 2.2 per cent. The declines were "related to COVID-19 containment measures", said Eurostat. "This has had a very positive effect on GDP, especially because demand for goods and construction has remained strong despite lockdowns in place", said Bert Colijn, economist at ING.

"The eurozone economy got away with a black eye late previous year", said Florian Hense, economist at Berenberg.

Astronauts Carry out Power Upgrades for Space Station
Two more spacewalks will be conducted in about a month to get ready for additional solar panels set for delivery later this year. They're awesome to such an extent that solitary half as many are required as the old nickel-hydrogen batteries they supplanted.

In the 4 quarter, the Eurozone economy contracted by 0.7%, following the 3 quarter's 12.4% rebound.

But early indicators show that the 19-countries that use the euro currency now face the prospect of a fresh recession after a recovery last summer was cut short by a second wave of the pandemic. But since October, the renewed spread of the coronavirus prompted governments to restrict economic activities once again.

But unexpected growth in Germany and Spain helped to limit the damage a tad. Year-on-year, GDP fell 5.1% and 4.8%, respectively.

The EU's statistics agency said that GDP fell by 0.7% in the fourth quarter, while on an annualised basis, the economy shrank by 5.1%.

The German economy, Europe's biggest, grew by a scant 0.1% in the fourth quarter while France saw a smaller than expected drop of 1.3%. The IMF recently estimated the United Kingdom economy shrank 10 per cent previous year.

Related News:

Most liked

Six-point COVID-19 action plan implemented in Ontario
The province is also introducing a provincial antigen screening program for the expansion of rapid testing in high priority settings, such as long-term care homes.

Alberta reports 57 variant cases of COVID-19 virus, daycare, schools affected
More than 1,000 doses of vaccine were administered on Monday, with Alberta Health reporting 107,438 total shots given. Hospitalizations remain below 600, the threshold for the first step of reopening expected to take effect February 8.

Apple Celebrates Black History Month With Photos by Black Artists
The collection includes a limited-edition Apple Watch Series 6 , the Black Unity Sport Band, and a Unity watch face. "Power. The Black Unity Apple Watch 6 is available starting today for $399/€429 in the 40mm size and $499/€459 in the 46mm size.

China's Top Diplomat Warns Biden Not to Touch Internal Affairs
State Department spokesman Ned Price speaks at his first daily press briefing at the State Department in Washington, U.S.

Did Publix Heiress Donate $300K To Fund the Capitol Riot?
The "Save America" rally was marked by incendiary rhetoric, but as the Journal notes, was otherwise peaceful. After news about her donation broke, Publix posted a statement on Twitter saying, "Mrs.

Twitter blocks access to dozens of Indian accounts after 'genocide' posts
A Twitter spokesperson previously said that many countries have laws that may apply to Tweets and/or Twitter account content. It blocked broadband internet in Kashmir for several months after cancelling the disputed region's semi-autonomy in 2019.

White House reviewing Trump's access to intelligence briefings
Referred to by President Trump as an "early warning system", the object searches and detects missiles through satellites. Her reaction to the Space Force question suggests Biden has probably not given much thought to the Space Force .

Morgan Wallen apologizes for using N-word, gets dropped by radio stations
The singer Kelsea Ballerini wrote : "The news out of Nashville tonight does not represent country music". Despite the apology, Wallen's behaviour saw him dropped from more than 400 USA radio station playlists.

Move Omar Sheikh to rest house in two days: SC
A graphic video showing Pearl's decapitation was delivered to the USA consulate in Karachi almost a month after he was kidnapped. The US government has asked Pakistan government to ensure that those involved in murdering Pearl should be punished.

Apex Legends launches on Nintendo Switch March 9th
It will support cross-platform play, the latest seasonal content, and full feature parity with the other versions of the game. There have been many mysteries, rumors, and delays out there about when Apex Legends would finally be ported Nintendo Switch.

Russian opposition leader Navalny sentenced to 2.5 years in prison
Western powers have meanwhile called on Russian Federation to free Navalny, with some threatening fresh sanctions. With time already spent in detention he will spend another two years and eight months behind bars.

Conor McGregor is 3-3 in his last six bouts
Justin Gaethje thinks the UFC dropped the ball in how it's handled business at the very top of the lightweight division. Look at what I did to Tony Ferguson . "Look at what Tony Ferguson did to all of the other fighters before me".

Google revenues increase while cloud unit books losses
The revenue from YouTube in Q4 2020 was $6.9 billion. Analysts were looking for a slower top-line growth. Google continues to are likely to its Money Tree.

Naomi Osaka rallies past Katie Boulter to reach Gippsland event's last eight
Ash Barty has held her nerve to see off Marie Bouzkova and advance to the quarterfinals of the Yarra Valley Classic in Melbourne . In her first competitive match since winning the U.S.

Epic Games Reveals The Mandalorian Mando’s Bounty Mode for Fortnite
Mando's Bounty is now live in Fortnite Season 5, giving player a chance to unlock the exclusive Beskar Umbrella. Like in the TV series, players have to eliminate their Bounty Puck target to collect galactic credits.