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GDP beats expectations but there are growing risks around Europe's vaccination programme.
By Azad ZANGANA, Senior European Economist and Strategist, Schroders
Real GDP for the eurozone aggregate fell by 0.7% in the fourth quarter of 2020, largely due to the re-introduction of restrictions. Many member states were forced to close non-essential services, including retail, as the number of confirmed cases of the Covid-19 virus was surging once again.
The latest estimate beat consensus forecasts of a 1% contraction, but it leaves the level of GDP 5.1% below its pre-pandemic peak. For 2020 as a whole, GDP growth was -6.8% – the worst annual result since records began for the monetary union. Within member states, there was a...
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