Euro zone: in 2020, a recession almost twice as strong as in 2009 – economy

Little by little, the statistical institutes are playing Copts to understand the real economic impact of the Covid-19 pandemic and, above all, the health measures that have been taken, in particular the various generalized confinements. Unsurprisingly, the annus horribilis is confirmed.

6.8% recession in the euro zone in 2020

Eurostat published, on February 2, 2021, GDP growth statistics for the European Union (which then still included the United Kingdom) and the euro area. For the latter, it is a 6.8% recession which is to be deplored in 2020, that is to say almost twice as much as in 2009, which followed the historic subprime crisis and during which the recession in the Eurozone was 3.7%.

The last quarter of 2020 also ended in the red, with a GDP decline of 0.7% compared to the previous one. Over the year as a whole, only the third quarter was in the green, with a historic growth of 12.4% compared to the second. But, compared to the same quarter of the previous year, all the quarters of 2020 are in negative.

As for the European Union, the 2020 crisis was also severe: the recession was 6.4% in 2020, a little better thanks to relatively limited recessions in certain countries outside the euro zone.

Historically low figures for France

Like all European countries, France was hit hard in 2020: Eurostat underlines negative growth in France for each of the quarters of the year, compared to the same quarter of 2019: -5.7% in Q1 over one year, -18.8% in Q2, -9% in Q3 and -9.1% in Q4.

As a reminder, INSEE, at the end of January 2021, unveiled the impact of the health crisis on French GDP for 2020: a recession of 8.3%.

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