MOSCOW (Pakistan Point News / Sputnik - 02nd February, 2021) The GDP of the European Union contracted by 4.8 percent in the fourth quarter of 2020 year-on-year, according to the first estimate of the European statistical agency Eurostat, published on Tuesday.
On a quarterly basis, the EU GDP rate decreased by 0.5 percent, the agency noted, adding that the GDP of the eurozone fell by 0.7 percent.
"Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 5.1% in the euro area and by 4.8% in the EU in the fourth quarter of 2020," the Eurostat press release read.
The agency also said that the declines of the fourth quarter followed a strong rebound in the third quarter of 2020, which were at 12.4 percent rise mark in the eurozone and 11.5 percent in the EU. Besides, the rates mark the sharpest drops in GDP since the second quarter of 1995, the agency noted, attributing it to the coronavirus crisis.
