Romania scores highest economic growth in the EU in first quarter of 2020

Romania scores highest economic growth in the EU in first quarter of 2020

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