According to the report from Eurostat, in the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.7% in the euro area and by 0.5% in the EU compared with the previous quarter. Economists had expected a 0.6% decrease in the euro area. These declines follow a strong rebound in the third quarter of 2020 (+12.5% in the euro area and +11.6% in the EU) and the sharpest decreases since the time series started in 1995 observed in the second quarter of 2020 (-11.6% in the euro area and -11.2% in the EU).

For the year 2020 as a whole, GDP fell by 6.6% in the euro area and by 6.2% in the EU, after +1.3% and +1.6% respectively in 2019.

Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 4.9% in the euro area and by 4.6% in the EU in the fourth quarter of 2020, after -4.2% and -4.1% respectively in the previous quarter.