According to the report from Eurostat, in the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.6% in the euro area and by 0.4% in the EU, compared with the previous quarter. Economists had expected a 0.7% decrease. Declines follow a strong rebound in the third quarter of 2020 (+12.4% in the euro area and +11.5% in the EU) and the sharpest decreases since the time series started in 1995 observed in the second quarter of 2020 (-11.7% in the euro area and -11.4% in the EU).

According to a first estimation of annual growth for 2020, based on seasonally and calendar adjusted quarterly data, GDP fell by 6.8% in the euro area and 6.4% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 5.0% in the euro area and by 4.8% in the EU in the fourth quarter of 2020, after -4.3% and -4.2% respectively in the previous quarter.

The number of employed persons increased by 0.3% in both the euro area and in the EU in the fourth quarter of 2020, compared with the previous quarter. In the third quarter of 2020, employment had increased by 1.0% in the euro area and by 0.9% in the EU.

Compared with the same quarter of the previous year, employment decreased by 2.0% in the euro area and by 1.7% in the EU in the fourth quarter of 2020, after -2.3% and -2.1% in the third quarter of 2020.