EU GDP declines by more than 1% in Q1; Portugal leads fall

EU GDP declines by more than 1% in Q1;  Portugal leads fall

The economy of the eurozone is up 1.3 percent from the previous year and the economic growth of the European Union is 1.2 percent. Portugal shows the biggest decline. 5.4 percent compared to the first quarter of 2020. , 3% in the network according to Eurostat.

Portugal Digital with Luci

The European Statistical Office has revised the first estimates of the gross domestic product (GDP) of the Eurozone and the European Union. After forecast, it is down 1.8 per cent and 1.7 per cent in May, respectively.

From January to March, the annual decline of the euro zone and the European Union economy slowed (-4.7%, -4.4%) compared to the previous quarter.

In the first three months of the year, GDP fell by 0.3 percent in the euro area and 0.1 percent in the European Union. After the retreat, it fell 0.6 percent and 0.4 percent in the fourth quarter of 2020, respectively. Portugal has the biggest quarterly decline (-3.3%).

Portugal was the worst-hit economy in the first quarter (-5.4%), followed by Austria (-4.5%), Spain (-4.3%), Germany (-3.1%), Ireland (12.6%) and Estonia (5.0%). , Luxembourg (4.9%) and Slovenia (2.3%) are the largest recoveries in GDP.

Compared to the previous quarter, Ireland’s GDP (7.8%), Croatia (5.8%), Estonia (4.8%) and Greece (4.4%) were the biggest gainers. The major waterfalls are Portugal (-3.3%), Slovakia (-2.0%), Germany (-1.8%) and Latvia (-1.7%).

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