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EZ Q4 PRELIM. FLASH GDP -0.7% Q/Q SA, -5.1% Y/Y WDA
EZ Q3 GDP +12.4% Q/Q SA; -4.3% Y/Y WDA
- The EZ economy narrowed in Q4 as the second wave of Covid-19 hit Europe, down 0.7%, beating market expectations (BBG: -1.2% q/q)
- This follows a historic increase in Q3 where the economy grew by 12.4%.
- Annual GDP deteriorated in Q4 to -5.1%, down from -4.3% seen in the previous quarter.
- Over the year of 2020, GDP fell by 6.8% in the eurozone and was down 6.4% in the EU.
- Among the member states for which data is available, Austria (-4.3%), Italy (-2.0%) and France (-1.3%) saw the largest quarterly decrease, while Lithuania (+1.2%) and Latvia (+1.1%) recorded the highest gains.
- The annual growth rate was negative in all countries with the highest level seen in Spain (-9.1%).