EU economy narrows 6.2% in 2020

By Gokhan Ergocun

ISTANBUL (AA) - The European Union's gross domestic product (GDP) narrowed 6.2% in 2020 amid the coronavirus pandemic, the bloc’s statistical authority said on Tuesday.

The GDP growth rate was 1.6% in 2019, Eurostat said in a statement.

The union's GDP also shrank 4.6% in the last quarter of the year, compared to the same quarter of 2019, it added.

On the euro area side, the GDP growth rates were minus 6.6% and minus 4.9% in 2020 and the last quarter, respectively.

The eurozone/euro area or EA19 represents the member states that use the single currency – the euro – while the EU27 defines all member countries of the bloc.

In the last quarter, Spain was the worst performer with its GDP growth rate of minus 9.1% year-on-year. Followed by Greece (minus 7.9%) and Croatia (minus 7.1%).

Luxembourg only posted a positive growth rate in the last quarter with 1.4% versus the same quarter 2019.

The COVID-19 measures, such as lockdowns and travel bans, affected economic activities and smashed countries all around the world, especially in the EU.

Turkey posted a 1.8% GDP growth rate in 2020 and 5.9% in the last quarter of the year, on an annual basis.