Romania recorded the largest economic growth among the 27 EU member states in the first quarter of 2020 compared to the same period in 2019, according to a preliminary estimate released on Friday by the European Statistical Office (Eurostat).
The eurozone’s GDP underwent a 3.2% drop in the first three months of this year compared to the same period in 2019, while for the European Union the decline amounted to 2.6%. This was the most serious decline since the third quarter of 2009.
The largest annual growth in the EU between January and March 2020 was recorded in Romania (2.7%), Lithuania (2.5%) and Bulgaria (2.4%), while the largest decrease occurred in France (-5.4%), Italy (-4.8%), Spain and Slovakia (-4.1% each)
Furthermore, in the first quarter of 2020, compared to the previous three months, the eurozone fell by 3.8% and the EU by 3.3%, which constitutes the biggest decrease since its establishment in 1995.
The only quarterly increases in the EU between January and March 2019 were reported in Romania and Bulgaria (both 0.3%) alongside Finland (0.1%), with the most significant decline found in France (-5.8%), Slovakia (-5.4%) and Spain (- 5.2%).
Eurostat explains that in the case of Romania, the data are temporary and there is no data available on Estonia, Ireland, Greece, Croatia, Luxembourg, Malta and Slovenia. On 9 June, Eurostat will publish a second estimate of the evolution of the eurozone’s and the EU GDP. /ibna