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Financial News: Eurozone GDP Falls Less Than Estimated In Q4

Eurozone GDP Falls Less Than Estimated In Q4

02/16/2021 - 05:36:00 (RTTNews)

(RTTNews) - The euro area economy contracted at a slightly slower than initially estimated pace in the fourth quarter amid Covid-19 control measures, the flash estimate published by Eurostat showed on Tuesday.

Gross domestic product declined 0.6 percent sequentially instead of 0.7 percent estimated previously. The fall reversed a record 12.4 percent rebound seen in the third quarter.

On a yearly basis, GDP was down 5 percent, bigger than the 4.3 percent decline in the third quarter but slower than the 5.1 percent drop estimated on February 2.

In 2020, GDP was down 6.8 percent, which was unchanged from the prior estimate.

The statistical office revised economic contraction for EU27 to 0.4 percent from 0.5 percent, while the annual rate was confirmed at -4.8 percent.

Further, data showed that euro area employment growth eased to 0.3 percent in the fourth quarter from 1 percent in the third quarter.

Year-on-year, employment was down 2 percent compared to a 2.3 percent fall in the preceding period.

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