The Eurozone economy grew by 5.2% in 2021

The eurozone economy recorded a strong growth of 5.2% in 2021, after the historic decline recorded in 2020 by 6.4%, according to the first estimate of the European statistics agency Eurostat, released yesterday, January 31.

Eurostat noted that the same 5.2% also applies to the entire European Union (including countries that do not adopt the euro as their currency). For the entire European bloc, the decline in 2020 was 5.9 percent.

In November, the European Commission forecast 5% growth for 2021.

In this way, the region has partially recovered the disastrous losses it recorded in 2020 in the context of the coronavirus pandemic.

The 6.4% decline in 2020 was the worst in the entire historical Eurostat chain, and destroyed the 4.4% decline recorded in 2009.

According to Eurostat, in the fourth quarter of 2021, the eurozone economy witnessed a remarkable expansion of 4.6% compared to the same period the previous year, despite only 0.3% compared to the third quarter, when it registered 2.3%.

fourth quarter performance; However, it was clearly affected by the expansion of the Omicron variant of the coronavirus.

Recovery

The European economy began the process of recovery from the second quarter of 2020, although concerns remain about the impact of the pandemic on the supply chain in the bloc countries.

In addition, the micron variable expansion has cast a series of doubts about the ability of the European economy to maintain the current growth rate.

In the United States, the economy’s growth in 2021 was 5.7%, after a 3.5% decline in the previous year.

Meanwhile, China recorded 8.1% annual growth in 2021, after advancing 2.3% in 2020.