After a historic decline caused by pandemics and a massive lockdown, GDP growth has been the highest since the data was published.
The eurozone economy grew by a record 12.7 percent in the third quarter of 2020 compared to the previous quarter. Also in all member states of the European Union, real GDP, including seasonal variations, increased by 12.1 percent. This was reported on Friday, October 30, Eurostat.
It was the sharpest growth since the data began to be published in 1995, according to Eurostat.
The economy has recovered from the second quarter of 2020 when GDP fell 11.8 percent in the eurozone and 11.4 percent in the EU.
The highest quarterly growth was recorded in those countries that showed the biggest decline last quarter: France – 18.2%, Spain – 16.7 and Italy – 16.1%.
At the same time, compared to the same quarter last year, seasonally adjusted GDP decreased by 4.3% in the Eurozone and by 3.9% in the EU, which represents a partial recovery after -14.8% and -13.9%, respectively, in the previous quarter.
Eurostat notes that preliminary GDP estimates are based on incomplete data, which is subject to further revision.