The European Statistical Office (ESO) on Tuesday announced that the euro’s gross domestic product (GDP) has doubled from expectations in the first quarter. The technical slowdown was confirmed as a result of health restrictions. Between the end of December and the end of March 2020, Belgium’s growth increased by 1%.

According to Eurostat’s data, the GDP of 19 single – currency countries fell 0.3 percent from January to March in the previous quarter. The first figures, published at the end of April, showed a decline of 0.6%. The decline was 0.6% in the fourth quarter of 2020, slightly sharper than expected. Eurostat has so far announced -0.7%.

Removing health restrictions should improve the situation in the second quarter

The decline in GDP for two consecutive quarters technically defines the recession. However, most experts expect a strong return to growth in the second quarter (April-June), with activity gradually slowing down due to the gradual removal of health restrictions, especially in transportation services, hotels, catering and tourism. GDP has been revised upwards in proportion to the entire European Union. It fell 0.1 percent in the first quarter compared to the last three months of 2020, compared to -0.4 percent previously reported. In one year, the GDP will fall even less than expected.

The best results for Ireland and the worst for Portugal

The euro’s GDP fell 1.3 percent in the first quarter (from -1.8 percent previously estimated) and 1.2 percent (-1.7 percent) in the European Union. Portugal saw the biggest decline within the European Union (-3.3%). Ireland performed well with 7.8% economic growth. Eurostat Belgium recorded quarterly growth of 1%.

The European Statistical Office (ESO) on Tuesday announced that the euro’s gross domestic product (GDP) has doubled from expectations in the first quarter. The technical slowdown was confirmed as a result of health restrictions. Between the end of December and the end of March 2020, Belgium’s growth increased by 1%. According to Eurostat’s data, the GDP of 19 single – currency countries fell 0.3 percent from January to March in the previous quarter. The first figures, published at the end of April, showed a decline of 0.6%. The decline was 0.6% in the fourth quarter of 2020, slightly sharper than expected. Eurostat has so far announced -0.7%. Removing health restrictions should improve the situation in the second quarter. The decline in GDP for two consecutive quarters technically defines the recession. However, most experts expect a strong return to growth in the second quarter (April-June), with activity gradually slowing down due to the gradual removal of health restrictions, especially in transportation services, hotels, catering and tourism. GDP has been revised upwards in proportion to the entire European Union. It fell 0.1 percent in the first quarter compared to the last three months of 2020, compared to -0.4 percent previously reported. In one year, the decline in GDP is less than expected. Best results for Ireland, GDP in the worst euro zone for Portugal fell 1.3 percent (previously estimated at 1.8 percent) and the European Union at 1.2 percent (from -1.7 percent). Portugal saw the biggest decline within the European Union (-3.3%). Ireland performed well with 7.8% economic growth. Eurostat Belgium recorded quarterly growth of 1%.