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Euro Zone Enters Technical Recession As Employment Declines

May 18, 2021 by Forex Winner Leave a Comment

Euro Zone Enters Technical Recession As Employment Declines

The euro zone economy contracted for the second consecutive quarter in the first three months of the year to mark a technical recession, according to data released by Eurostat.

gdp growth rates over the  previous quarter
  • The Euro area economy contracted by 0.6% in the first quarter, following the 0.7% decline in the fourth quarter of 2020.
  • The gross domestic product of the European Union shrank by 0.4% in the first quarter after falling by 0.5% the previous quarter.
  • The latest declines were the sharpest decreases since the GDP for the euro area fell by 11.6% and 11.2% in the EU during the second quarter of 2020.
  • A total of 19 countries in the EU reported a drop in the GDP to mark a 0.6% quarter-on-quarter decline and a 1.8% year-on-year drop.
  • Employed individuals in the euro area in the first quarter fell by 2.1% from the same quarter in 2020, while those in the EU dropped 1.8%.
  • The number of employed individuals in both the euro zone and EU fell by 0.3% in the first quarter from the fourth quarter last year.

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