Strong recovery of the eurozone economy - companies

Strong recovery of the eurozone economy – companies

The euro zone economy grew 5.2 percent last year after contracting 6.4 percent in 2020. This was stated by the European statistics office Eurostat on Monday in an urgent estimate.

The year started with a slight contraction, but in the second and third quarters the economy rebounded strongly, with growth of more than 2 percent each time compared to the previous quarter. According to Eurostat, due to the emergence of the omikron variable, growth slowed to 0.3% in the fourth quarter.

Spain, Portugal and Sweden still had the strongest economic growth in the fourth quarter (from 2 to 1.4 percent), but in countries such as Austria (-2.2 percent) and Germany (-0.7 percent), the eurozone’s largest economies contracted at the end of the year .

In Belgium, the National Bank released a flash estimate at the end of last week. The Belgian economy grew by 6.1 percent in 2021 and by 0.5 percent in the fourth quarter. Eurostat also estimates economic growth in 2021 to be 5.2 percent for the entire European Union.

The European economy underperformed the US and Chinese economies last year. The US economy grew by 5.7 percent in 2021, after contracting “barely” by 3.5 percent the previous year. And in China, a growth of 8.1% was achieved last year, while the Chinese economy also grew in 2020 (+2.3%).

The year started with a slight contraction, but in the second and third quarters the economy rebounded strongly, with growth of more than 2 percent each time compared to the previous quarter. According to Eurostat, due to the emergence of the omikron variable, growth slowed to 0.3% in the fourth quarter. Spain, Portugal and Sweden still had the strongest economic growth in the fourth quarter (from 2 to 1.4 percent), but in countries such as Austria (-2.2 percent) and Germany (-0.7 percent), the eurozone’s largest economies contracted at the end of the year . In Belgium, the National Bank released a flash estimate at the end of last week. The Belgian economy grew by 6.1 percent in 2021 and by 0.5 percent in the fourth quarter. Eurostat also estimates economic growth in 2021 to be 5.2 percent for the entire European Union. The European economy underperformed the US and Chinese economies last year. The US economy grew by 5.7 percent in 2021, after contracting “barely” by 3.5 percent the previous year. And in China, a growth of 8.1% was achieved last year, while the Chinese economy also grew in 2020 (+2.3%).

See also  Dutch PM condemns 'small' fall of Britain after Brexit

Leave a Reply

Your email address will not be published.