In the third quarter of this year, the euro area’s gross domestic product (GDP) decreased by 4.3% year-on-year. As a result, the decline was much smaller than in the second quarter. True, there is now a major outbreak of Covid-19 in Europe and a number of countries have begun to re-establish various restrictions that threaten to shake the economy again.
In the second quarter, the euro area economy contracted by 14.8% year on year, and by 4.3% in the third quarter alone.
Meanwhile, compared with the previous three months, euro area GDP grew by 12.7% in the third quarter, while the European Union’s economy grew by 12.1%.
This was the fastest growth since data collection began in 1995.
Unemployment data, on the other hand, show that, on average, unemployment in the bloc remained at 7.5% in September, but remained at 8.3% in the euro area. In September this year, the unemployment rate in Latvia was 8.4%.
According to Kristine Lagarda, President of the European Central Bank, the economic recovery after the partial recovery observed in the summer is now “losing momentum faster than expected”.
France is likely to experience a deeper recession this year than previously expected, the government said. Similar concerns exist for Germany and Italy.
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