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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

June 09, 2020
EU AND EURO AREA GDP, Q1 2020 [REVISED]

 

In the revised estimate, Eurostat reports that real GDP growth declined 12.1 per cent (seasonally adjusted annualized rate) in the European Union and 13.6 per cent in the Euro Area in the first quarter of 2020. These were the sharpest declines observed since time series started in 1995. In March 2020, the final month of the period covered, COVID-19 containment measures began to be widely introduced by Member States. The flash estimates were -12.7 per cent in European Union and -14.2 per cent in the Euro Area. In the previous quarter, real GDP rose 0.4 per cent in the European Union and 0.2 per cent in the Euro Area.

Comparing Q1 2020 with Q1 2019, seasonally adjusted real GDP decreased by 2.6 per cent in the European Union and 3.1 per cent in the Euro Area. These were the sharpest declines since the third quarter of 2009 (-4.4 per cent for EU and -4.5 per cent for Euro Area).

For the EU27, household consumption expenditure declined by 4.3 per cent and government consumption expenditures declined 0.5 per cent in Q1. Gross fixed capital formation declined by 3.9 per cent. Growth in exports of goods and services declined 3.5 per cent and imports declined 3.2 per cent.

 

In the Euro Area, household consumption expenditure declined by 4.7 per cent and government consumption expenditures declined 0.4 per cent in Q1. Gross fixed capital formation declined by 4.2 per cent. Exports decreased 4.2 per cent and imports declined 3.6 per cent.

 

  

Source: Eurostat



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