Eurozone suffers double-dip recession as pandemic impact continues

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30 April 2021

The eurozone's economy has fallen back into recession as the impact of the pandemic continues to hit activity, APA reports citing BBC.

Europe's economies have been set back by a renewed surge in infections this year and Covid-related restrictions.

The eurozone shrank by 0.6% in the January-to-March period - the second consecutive contraction, which is a widely-used definition of a recession.

It is the second such episode, a so-called double-dip recession, since the onset of the pandemic.

However, among the national economies that have reported data so far, that pattern was repeated only by Italy.

Other countries reported some growth in one or other of the last two quarters.

The French economy did grow in the first three months of this year, by 0.4%, after a decline at the end of 2020, although the rebound was described by the national statistical agency as "limited".

In Germany it was the other way around, with some growth in the fourth quarter of last year and a sharp decline - of 1.7% - revealed by the latest figures.

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THE OPERATION IS BEING PERFORMED