Eurozone economy fell by 0.6% in first quarter of 2021, confirming region’s recession
DUBLIN: The European Union’s statistics office has confirmed that the euro zone entered a recession at the start of 2021. Eurostat’s most recent data confirms the euro zone’s technical recession and shows that the economy fell by 0.6% in the first quarter of this year.
GDP fell in all of the euro zone’s larger countries, including Germany, Italy, Spain, and the Netherlands, while France’s economy grew by 0.4% quarter on quarter.
Data reveals that gross domestic product in the 19 countries dropped 0.6% quarter on quarter from January to March, for a 1.8% year on year decline. The findings were in accordance with Eurostat’s initial flash estimate on April 30.
Economists say the euro zone is in its third technical recession since the COVID-19 pandemic began, with GDP falling 0.6 in the first quarter of this year, 0.7% in fourth quarter 2020 and 4.9% from a year earlier.
The EU’s statistics office also said that employment fell 0.3% from January to March 2021. It rose 0.4% in the last quarter. According to economists, this equated to a 2.1% year-on-year decline.
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