The European economy shrank by 0.7% in the last three months of 2020 compared with the previous quarter
FRANKFURT, Germany — The European economy shrank 0.7% in the last three months of 2020 as businesses were hit by a new round of lockdowns aimed at containing a resurgence of the coronavirus pandemic.
The drop from the previous quarter was not as sharp as experts had feared. But the official figures released Tuesday couldn’t erase a gloomier outlook for this year: the 19 countries that use the euro are forecast to lag China and the U.S. in bouncing back from the worst of the pandemic.
Tuesday’s figures from statistics agency Eurostat underscored a rollercoaster year of freakish economic data, with a plunge of 11.7% in the second quarter, the biggest since statistics started in 1995, followed by a rebound of 12.4% in the third quarter in late summer.
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