FOREX TradingCharts.com

Financial News: Eurozone Economy Re-enters Recession In Q1

Eurozone Economy Re-enters Recession In Q1

04/30/2021 - 05:56:00 (RTTNews)

(RTTNews) - The euro area economy slipped back into recession in the first quarter as restrictions imposed to contain the coronavirus pandemic dampened economic activity, the preliminary flash estimate published by Eurostat, showed on Friday.

Gross domestic product contracted 0.6 percent from the fourth quarter, when GDP was down 0.7 percent. GDP was forecast to drop at a faster pace of 0.8 percent.

After a record expansion in the third quarter of 2020, GDP had fallen for the second straight time, pushing the economy back into a technical recession.

On a yearly basis, GDP fell 1.8 percent in the first quarter, but slower than the 4.9 percent decrease seen in the fourth quarter.

The EU27 GDP shrank 0.4 percent sequentially in the first three months of 2021 and by 1.7 percent from the last year.

Eurostat reported that the annual growth rates were negative for all EU countries except for France and Lithuania.

Germany's GDP contracted in the first quarter after recovering slightly in the second half of 2020. GDP fell 1.7 percent sequentially, in contrast to the 0.5 percent growth seen in the fourth quarter of 2020.

Meanwhile, underpinned by consumption and investment, the French economy recovered at a faster-than-expected pace in the first quarter. GDP was up 0.4 percent, reversing a revised 1.4 percent fall in the fourth quarter and bigger than economists' forecast of +0.1 percent.

Spain's economic output decreased 0.5 percent in the first quarter after stagnating in the previous three months. Likewise, Italy's GDP fell 0.4 percent following a 1.8 percent decline in the fourth quarter.

Another report from Eurostat showed that the jobless rate in the currency bloc fell unexpectedly to 8.1 percent in March from 8.2 percent in February. The expected rate was 8.3 percent.

The number of people out of work decreased by 209,000 from the previous month to 13.166 million in March. Compared with last year, unemployment rose by 1.614 million.

The unemployment rate among youth aged below 25 came in at 17.2 percent, down from 17.3 percent a month ago.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Turkish Current Account Deficit Widens In March (58 min(s), 14 sec(s) ago)
(RTTNews) - Turkey's current account deficit widened in March, data from the central bank show ...Full Story»

South Africa Manufacturing Output Grows In March (01 hr(s), 26 min(s), 14 sec(s) ago)
(RTTNews) - South Africa's manufacturing output grew in March, data from Statistics South Afri ...Full Story»

Latvia Trade Deficit Narrows In March (01 hr(s), 32 min(s), 14 sec(s) ago)
(RTTNews) - Latvia's trade deficit narrowed in March, amid a rise in both exports and imports, ...Full Story»

Malta Industrial Production Declines Further (01 hr(s), 40 min(s), 14 sec(s) ago)
(RTTNews) - Malta's industrial production declined further in March, figures from the National ...Full Story»

Italy Industrial Production Falls In March (02 hr(s), 0 min(s),14 sec(s) ago)
(RTTNews) - Italy's industrial production declined in March, figures from the statistical offi ...Full Story»

German Economic Sentiment Highest Since 2000 (02 hr(s), 27 min(s), 14 sec(s) ago)
(RTTNews) - German economic confidence reached its highest level in more than two decades in May a ...Full Story»

Czech Inflation Rises More Than Expected In April (02 hr(s), 46 min(s), 14 sec(s) ago)
(RTTNews) - The Czech consumer price inflation rose more than expected in April, data from the Cze ...Full Story»

Malaysia's GDP Falls At Slower Pace In Q1 (02 hr(s), 52 min(s), 14 sec(s) ago)
(RTTNews) - Malaysia's economy contracted at a slower pace in the first quarter underpinned by ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Turkish Current Account Deficit Widens In March

05/11/2021 - 07:49 AM (RTTNews)
(RTTNews) - Turkey's current account deficit widened in March, data from the central bank show ...Full Story>>

South Africa Manufacturing Output Grows In March

05/11/2021 - 07:21 AM (RTTNews)
(RTTNews) - South Africa's manufacturing output grew in March, data from Statistics South Afri ...Full Story>>

Latvia Trade Deficit Narrows In March

05/11/2021 - 07:15 AM (RTTNews)
(RTTNews) - Latvia's trade deficit narrowed in March, amid a rise in both exports and imports, ...Full Story>>

Malta Industrial Production Declines Further

05/11/2021 - 07:07 AM (RTTNews)
(RTTNews) - Malta's industrial production declined further in March, figures from the National ...Full Story>>

Italy Industrial Production Falls In March

05/11/2021 - 06:47 AM (RTTNews)
(RTTNews) - Italy's industrial production declined in March, figures from the statistical offi ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.