Seasonally adjusted Gross Domestic Product (GDP) fell by 0.6 percent q/q in the euro area and by 0.4 percent in the European Union as a whole in Q4 2020, according to the final data of the statistical office Eurostat.
The market consensus for the eurozone fell by 0.7 percent in quarterly terms.
In annual terms, seasonally-adjusted GDP fell in 2018 Q4. by 5 percent in the euro area and by 4.8 percent in the EU as a whole. The market consensus for the eurozone was a 5.1 percent drop in this approach.
Throughout 2020, the decline in GDP in the euro area amounted to 6.8 percent, and in the entire EU, the decline amounted to 6.4 percent.