Economical recovery before the second lockdown: in the 3rd quarter of 2020, GDP in the European Union had a growth by +12.1%

Source: Eurostat

But compared with the same quarter of the previous year, it was -3.9%, according to a Eurostat

In the third quarter 2020, seasonally adjusted GDP increased by +12.7% in the Euro area and by +12.1% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. These were by far the sharpest increases observed since time series started in 1995, and a rebound compared to the second quarter of 2020, when GDP had decreased by (-)11.8% in the Euro area and by (-)11.4% in the EU.

These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions.

Source: Eurostat

Compared with the same quarter of the previous year, seasonally adjusted GDP has however decreased by (-)4.3% in the Euro area and by (-)3.9% in the EU in the third quarter of 2020, which represents a partial recovery after -14.8% and -13.9% respectively in the previous quarter.

Source: Eurostat

Among the Member States of the European Union, for which data are available for the third quarter 2020, France (+18.2%) recorded the highest increase compared to the previous quarter, followed by Spain(+16.7%) and Italy(+16.1%). Lithuania(+3.7%), Czechia (+6.2%) and Latvia (+6.6%) recorded the lowest increases. While a rebound was observed for all publishing countries compared to the second quarter, the year on year growth rates were still negative.

Source: Eurostat

(05.11.2020, USA: 11.05.2020)