Translated material
Eurozone slips into double-dip recession
The eurozone in the first quarter of 2021 again experienced a recession due to a new wave of lockdowns, writes Bloomberg. Its economy will recover with a year lag compared to the US economy.
Eurozone GDP in the first quarter of 2021 decreased by 0.6% compared to the fourth quarter of 2020, when the figure fell by 0.7%. Thus, the economy is back in a technical recession after recovering in the middle of last year.
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Eurozone performance contrasts with the quarterly picture in the US (+1.6%) and China (+0.6%). The new statistics mean that its return to a growth trajectory is being delayed until mid-2022.
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The German economy contracted 1.7% in the quarter due to reduced consumer spending. French GDP grew by 0.4%.
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The EU economy also contracted, but less - by 0.4%.
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The ECB maintains its growth forecast for the eurozone economy at 4% this year. Inflation, meanwhile, accelerated from 1.3% in March to 1.6% in April.