Eurozone 1Q GDP Declines by 0.6% Q/Q and 1.8% Y/Y
18 May 2021
By David Barwick – FRANKFURT (Econostream) – Seasonally adjusted Eurozone GDP declined by 0.6% on the quarter and 1.8% on the year in 1Q of 2021, EU stats office Eurostat reported on Tuesday.
The contraction followed -0.7% q/q and -4.9% y/y in 4Q 2020.
Eurostat also reported that the number of employed persons in the euro area fell by 0.3% q/q and by 2.1% y/y in 1Q after +0.4% q/q and -1.9% y/y in 4Q.
Among individual member states of the Eurozone, Cyprus (2.0%) recorded the sharpest q/q rise in output in 1Q, followed by Lithuania (1.8%). The worst declines were in Portugal (-3.3%), Latvia (-2.6%), Slovakia (-1.8%), and Germany (-1.7%).