In the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.6% in the euro area by 0.4% in the EU and increased by 1.4% in Cyprus, compared to the previous quarter, according to a preliminary estimate published by the Statistical Office of the European Union, Eurostat.
These reductions follow a strong recovery in the third quarter of 2020 (+ 12.4% in the euro area and + 11.5% in the EU) and the largest declines since the start of the 1995 series observed in the second quarter of 2020. (-11.7% in the euro area and -11.4% in the EU).
According to a first estimate of annual growth for 2020, based on quarterly seasonally adjusted data, GDP fell by 6.8% in the euro area and 6.4% in the EU
Compared to the same quarter last year, seasonally adjusted GDP fell by 5.0% in the euro area, by 4.8% in the EU and by 4.5% in Cyprus in the fourth quarter of 2020, after -4 , 3%, -4.2% and -4.7 respectively in the previous quarter.
In the fourth quarter of 2020, GDP in the United States increased by 1.0% compared to the previous quarter (after + 7.5% in the third quarter of 2020). Compared to the same quarter of the previous year, GDP decreased by 2.5% (after -2.8% in the previous quarter).
At the same time, the number of employees increased by 0.3% in both the euro area and the EU in the fourth quarter of 2020, compared to the previous quarter. In the third quarter of 2020, employment increased by 1.0% in the euro area and 0.9% in the EU.
Compared to the same quarter last year, employment fell by 2.0% in the euro area and by 1.7% in the EU in the fourth quarter of 2020, after -2.3% and -2.1% in third quarter of 2020.
According to estimates for annual growth for 2020, based on quarterly data, employment fell by 1.8% in the euro area and by 1.6% in the EU.
Philenews / ΚΥΠΕ
