EU economy shrinks in Q3 amid pandemic

GDP in 27-member bloc slips 4.2% year-on-year this July-September, better than Q1, Q2 losses of 14.7%, 13.9%

By Tuba Sahin

ANKARA (AA) – In a partial bounce back, the European Union's gross domestic product (GDP) shrank by 4.2% in the third quarter of 2020 compared to the same period last year, the bloc's statistical authority reported Tuesday.

The euro area GDP also narrowed 4.2% year-on-year in July-September due to the coronavirus pandemic, Eurostat said.

Third quarter figures represent a partial recovery after drops of 14.7% and 13.9% respectively in the previous quarters.

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.

On a quarterly basis GDP rose 11.5% in the EU and 12.5% in the euro area, the sharpest rises seen since 1995.

Eurostat said that France showed the best performance with quarterly growth of 18.7% in July-September, while the lowest GDP rise was seen in Greece with 2.3%.

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