EU, eurozone third-quarter GDP growth revised down

Author: Jonathan Lopez

2020/11/13

LONDON (ICIS)--The EU’s GDP grew by 11.6% in the third quarter, compared to the second quarter, a reduction of half percentage point from the first estimate, statical agency Eurostat said on Friday.

The eurozone’s GDP growth stood at 12.6%, revising down its first estimate of 12.7%.

Eurostat published in October preliminary figures for GDP growth.

GDP growth in the third quarter recovered the losses from the second quarter, when most of Europe was under lockdown measures to contain the spread of the pandemic.

However, as the pandemic’s economic hit was already felt in the first quarter, GDP for both the 27-country EU and the 19-country eurozone remains more than 4% lower than a year prior.

GDP growth, quarter on quarter

(% Change) Q4 2019 Q1 2020 Q2 2020 Q3 2020
EU 0.1 -3.3 -11.4 11.6
Eurozone 0.0 -3.7 -11.8 12.6
Germany 0.0 -1.9 -9.8 8.2
France -0.2 -5.9 -13.7 18.2
Italy -0.2 -5.5 -13.0 16.1
Spain 0.4 -5.2 -17.8 16.7
Poland 0.2 -0.3 -9.0 7.7

GDP growth, year on year

 (% change) Q4 2019 Q1 2020 Q2 2020 Q3 2020
EU 1.2 -2.7 -13.9 -4.3
Eurozone 1.0 -3.3 -14.8 -4.4
Germany 0.4 -2.1 -11.2 -4.2
France 0.7 -5.8 -18.9 -4.3
Italy 0.1 -5.6 -17.9 -4.7
Spain 1.7 -4.2 -21.5 -8.7
Poland 3.9 1.9 -8.0 -2.0