The euro area economy contracted at a slightly slower than initially estimated pace in the fourth quarter amid Covid-19 control measures, the flash estimate published by Eurostat showed on Tuesday.
Gross domestic product declined 0.6 percent sequentially instead of 0.7 percent estimated previously. The fall reversed a record 12.4 percent rebound seen in the third quarter.
On a yearly basis, GDP was down 5 percent, bigger than the 4.3 percent decline in the third quarter but slower than the 5.1 percent drop estimated on February 2.
In 2020, GDP was down 6.8 percent, which was unchanged from the prior estimate.
The statistical office revised economic contraction for EU27 to 0.4 percent from 0.5 percent, while the annual rate was confirmed at -4.8 percent.
Further, data showed that euro area employment growth eased to 0.3 percent in the fourth quarter from 1 percent in the third quarter.
Year-on-year, employment was down 2 percent compared to a 2.3 percent fall in the preceding period.
For comments and feedback contact: editorial@rttnews.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
