Eurozone GDP expanded by a record 12.5% in the third quarter of the year, after a collapse of 11.7% in the second quarter and a contraction of 3.7% in the first three months of this year. 2020, according to the third reading of data provided by the Office of Community Statistics, Eurostat.
The bureau lowered its estimate again. In the first forecast, it considered GDP growth of 12.7%, which subsequently decreased to 12.6% in its second data forecast. In this way, the adjustment became twenty compared to the initial prediction.
Despite the quarterly data, the gross domestic product of the eurozone recorded a 4.3% decline compared to the third quarter of 2019, a tenth less than previous estimates, according to the report.
The combined GDP of the 27 countries saw a record expansion of 11.5% in the third quarter of 2020. Like the data for the euro area, this third estimate was revised down by one-tenth. In the second quarter, the European Union economy contracted by 11.3%, while the decline in the first quarter was 3.3%.
Compared to the third quarter of last year, the 27 countries’ economies were 4.2% lower, one-tenth less than previous expectations.
In the lead, France and Spain
Among the European Union countries, France recorded the largest GDP recovery during the third quarter, growing by 18.7%, after contracting by 13.8% between April and June. It is followed by Spain, an increase of 16.7%, after a 17.8% decline in the second quarter, and Italy, which grew by 15.9%, after falling by 13%. The countries registering the lowest growth were Greece with 2.3%, Estonia and Finland with 3.3%, and Lithuania with 3.8%.
Compared to the third quarter of last year, Greece led the declines, down 11.7%, ahead of France, down 10%, Croatia by 10%, and Malta -9.2%.
Recruitment is reactivated
The revitalization of the European economy in the third quarter allowed for an acceleration of employment in the region, providing a 1% quarterly growth in the number of people working in the euro area and 0.9% in the European Union, which is the highest increase in the entire historical series, after a 3 % In the euro area and 2.8% in the European Union observed in the second quarter of 2020.
Compared to the same quarter of 2019, employment decreased by 2.3% in the euro area and 2% in the European Union as a whole.