2020 Recession at 6.2% in the EU; Spain, Greece, Croatia suffer largest dip

2020 Recession at 6.2% in the EU; Spain, Greece, Croatia suffer largest dip

The European Union (GDP) gross domestic product (GDP) fell by 6.2% in 2020 amid the coronavirus pandemic, Eurostat announced on Tuesday.

The GDP growth rate was 1.6% in 2019, according to the announcement of the EU Statistical Office.

The union’s GDP also dipped 4.6% in the last quarter of the year, compared to the same quarter of 2019.

On the Eurozone side, GDP growth rates were negative at -6.6% in 2020 and -4.9% in the last quarter.

The euro area or EA19 represents the Member States using the euro single currency, while the EU27 designates all the member states of the Union.

In Q4 2020, Spain recorded the worst performance with its GDP growth rate at -9.1% YoY. It was followed by Greece with -7.9% and Croatia with -7.1%.

Luxembourg was the only country that recorded a positive growth rate in the last quarter with 1.4% compared to the same quarter of 2019.

COVID-19 restrictive measures, such as lockdowns and travel bans, have affected economic activity and pushed countries into recession around the world, especially in the EU. /ibna