Compared to the same quarter of 2020, seasonally adjusted GDP fell by 1.8 percent in countries with a single currency and 1.7 percent in the union as a whole in the first quarter of this year.. This is after declining by 4.9 and 4.6 percent, respectively, in the previous quarter.
Among the member states for which numbers are available, Portugal recorded the largest annual decline in GDP (-5.4 percent), followed by Spain (-4.3) and Germany (-3)..
According to the European Statistics Office’s quick estimate, compared to the previous quarter, from January to March, the GDP of the Eurozone decreased by 0.6 percent and the European Union by 0.4 percent, as Portugal showed the most pronounced decline among the countries that released data. Available (-3.3%), followed by Latvia (-2.6) and Slovakia (-1.8).
France (1.5 percent), Lithuania (1.0 percent) and Slovakia (0.5 percent) were the only member states whose GDP grew compared to the first quarter..
In the seasonal variance, Romania (2.8 percent), Bulgaria (2.5) and Cyprus (2.0) were the countries whose economies grew the most.
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As for the employment rate, compared to the same quarter of 2020, it decreased by 2.1% in the euro area and 1.8% in the European Union in the first quarter of 2021, compared to -1% and -1% respectively from the fourth quarter of last year. .
In the first quarter of 2021, the number of employees decreased by 0.3% in both the Eurozone and the European UnionCompared to the previous quarter.
In the last quarter of 2020, employment grew by 0.4 percent in the euro area and the European Union, compared to the previous period.
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