The euro area's seasonally adjusted gross domestic product (GDP) in the fourth quarter declined by 0.7% compared to the previous trimester, marking a slightly steeper fall than expected, the European Union's statistical office Eurostat said in a report on Tuesday, APA reports citing Teletrader.
On an annual basis, the Eurozone's GDP landed above analysts' expectations despite dropping 4.9% in the same three-month period.
In the entire European Union, the economy contracted 0.5% compared to the previous quarter, though it dipped 4.6% year-over-year. Meanwhile, in the full year 2020, the GDP plunged 6.6% and 6.2% for the euro area and the EU, respectively.
On the other hand, the Eurozone's labor market rebounded somewhat as the employment went up by 0.3% in the fourth trimester compared to the quarter through September. The European Union's employment increased by 0.4% on a quarterly basis in the fourth trimester of 2020.