Eurostat has raised preliminary estimates of gross domestic product (GDP) for the Eurozone and the European Union.
In the first quarter, the Eurozone economy fell by 1.3% year-on-year, and the EU economy fell by 1.2% year-on-year. Among them, Portugal saw the largest decline, 5.4% and 3.3% respectively. According to data from Eurostat, a year-on-year increase of %.
After forecasting a decline of 1.8% and 1.7% in May, Eurostat revised upwards the preliminary estimates of the Eurozone and EU gross domestic product (GDP).
From January to March, the year-on-year decline in the Eurozone and EU economies slowed down from the previous quarter (-4.7% and -4.4%).
In the quarter-on-quarter comparison, the Eurozone GDP fell by 0.3% in the first three months of 2020, the EU GDP fell by 0.1%, and the fourth quarter of 2020 fell by 0.6% and 0.4% respectively. Portugal had the largest quarterly decline (-3.3%).
Compared with the same period last year, Portugal had the largest economic decline in the first quarter (-5.4%), followed by Austria (-4.5%), Spain (-4.3%) and Germany (-3.1%), while Ireland (12.6%) %), Estonia (5.0%), Luxembourg (4.9%) and Slovenia (2.3%) experienced the largest GDP recovery.
Compared with the previous quarter, Ireland (7.8%), Croatia (5.8%), Estonia (4.8%) and Greece (4.4%) had the largest GDP growth. Portugal (-3.3%), Slovakia (-2.0)%), Germany (-1.8%) and Latvia (-1.7%) were the main decliners.
In terms of employment, compared with the same quarter of the previous year, the indicators of the Eurozone and the European Union fell by 1.8% and 1.6% respectively in the first quarter of 2021, after falling by -1.8% and -1.5% respectively. The last four months of 2020.
In the first quarter of 2021, compared with the previous quarter, employment in the Eurozone fell by 0.3%, and employment in the EU fell by 0.2%.
Compared with the first quarter of 2020, Latvia (-7.0%), Estonia (-4.4%) and Greece (-3.8%) had the largest declines in employment rates, of which Luxembourg (1.9%), Cyprus (0.3%), Poland (0.2%) and Belgium (0.1%) are the member countries whose indicators have risen.
Compared with the previous quarter, Hungary (1.1%), Spain (1.0%), Cyprus and Lithuania (0.8% each) had the highest employment growth rates, with Latvia (-3.9%), Greece (-1.7%) and Slovakia (- 1.1%).
In Portugal, the employment rate fell by 1.2% year-on-year and by 0.8% compared to the fourth quarter of 2020.