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.
- 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.