Euro Area's economic contraction moderates in Q1 2021
According to the preliminary (flash) estimate, Eurozone real GDP declined at the slower pace of 1.8% y/y, with Spain’s economy contracting by 4.3% y/y, Germany’s by 3% y/y, and Italy’s by 1.4%, but with France returning to growth of 1.5%.
On a quarterly seasonally and calendar adjusted basis, the economy of the currency block's GDP dropped by 0.6% q/q. This follows a 0.7% q/q drop in Q4 2020 and the strong rebound in Q3 2020 of 12.5% q/q after the easing of the pandemic-related lockdown.
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