Eurozone Economy Grows 12.6% in Q3

The European statistical office Eurostat reported record growth rates for the eurozone economy in the 3rd quarter, which was observed in the region after the maximum economic decline since 1995 at the level of 11.8% a quarter earlier, which was due to the negative impact of the first wave of the coronavirus pandemic.

Compared to the previous three months, the economic recovery was recorded at 12.6%, while the preliminary estimate indicated an increase of 12.7%. Compared to July-September 2019, the GDP of the currency bloc contracted by 4.4%, which exceeded the drop previously estimated at 4.3%.

The record quarterly growth in July-September was also demonstrated by the economies of the European Union countries, which has increased by 11.6%.

In annual terms, the EU’s GDP fell by 4.3%. Compared to the previous quarter, the largest recovery was recorded in France, whose economy expanded by 18.2%. The second and third places in terms of growth rates in the last quarter were Spain and Italy. The lowest GDP growth rates were observed in Finland — at 2.6% and in Lithuania — at 3.7%.

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