The gross domestic product (GDP) of the eurozone suffered a historic fall of 6.8% in 2020, however still less than what was expected in November by the European Commission, according to a first estimate published by Eurostat.
In its autumn forecasts, Brussels region was expecting a fall of 7.8% over the year.
EU’s economy should be back to old levels next year, according to the European Commission’s latest winter economic forecasts, which predict that the eurozone economy will grow by 3.8% in both 2021 and 2022.
“There is, at last, light at the end of the tunnel,” said European Commissioner for the Economy Paolo Gentiloni. “As increasing numbers are vaccinated over the coming months, an easing of containment measures should allow for a strengthening rebound over the spring and summer. The EU economy should return to pre-pandemic GDP levels in 2022, earlier than previously expected.”