- The third corona wave lowered the European economy in the first quarter of this year, according to statistics from the EU’s statistical authority Eurostat.
- But it is a mild decline compared to the sharp falls last year during the first wave of infection.
- If the pattern is repeated from last year, a sharp upswing is expected in line with eased restrictions, says Ekot’s financial commentator Kristian Åström.
A new virus wave led to new restrictions and closed shops, bans on crowds and curfews. GDP decreased by -0.4 per cent in the EU compared with the most recent quarter.
Among the large economies in Europe, the decline was greatest in Germany, -1.7 percent. Spain and Italy did slightly worse, it must be said in this context, -0.5 and Italy -0.4.
France could, however, show weak growth, supported by increased consumption. Sweden stands out – and confirms yesterday’s figures and barometer from Ki, about a strong recovery. Growth was 1.1 percent compared with the previous quarter.
So what do the numbers say? Well, it is a mild decline compared to the sharp falls last year during the first wave of infection.
And the numbers are history. Now it’s April, soon May, and vaccination programs are progressing. Even though the infection is increasing in some places, various data show a higher economic activity.
According to economists at the German bank Berenberg, quoted by the news agency Direkt, the decline in Europe bottomed out in mid-February. If the pattern is repeated from last year, a sharp upswing is expected in line with eased restrictions.
Source: ICELAND NEWS