Eurozone GDP Down 0.6% QoQ in Q4 Last Year

[Asia Economy Reporter Seolgina Jo] Eurostat, the official statistical agency of the European Union (EU), announced on the 16th (local time) that the gross domestic product (GDP) of the Eurozone (19 countries using the euro) decreased by 0.6% quarter-on-quarter in the fourth quarter of last year. Compared to the same period last year, it decreased by 5.0%.

This slightly exceeded the initial market expectations. The fourth quarter Eurozone GDP was expected to decrease by 0.7% quarter-on-quarter and 5.1% year-on-year.

On an annual basis for 2020, the Eurozone GDP was estimated to have decreased by 6.8% due to the impact of the COVID-19 pandemic. Eurostat also reported that the number of employed persons increased by 0.3% in the fourth quarter, following a 1.0% increase in the third quarter of last year.