After the fall of the Corona in the spring, the European economy did not recover as quickly as expected. The recovery is losing momentum.
Luxembourg (dpa) – The euro zone economy did not rebound as strongly as expected from the fall of the Crown in the spring of summer.
Economic output (GDP) in the third quarter was 12.6 percent higher than in the previous quarter, as announced by Eurostat’s statistics office in Luxembourg after a second estimate.
This is the strongest growth since records began in 1995. In the first survey, Eurostat reported somewhat stronger growth of 12.7 percent for the months of July to September. Analysts had assumed that the first survey would be confirmed.
In countries with the euro currency, the strongest growth was recorded in France with 18.2 percent in the third quarter, while German economic output increased 8.2 percent. Accelerated growth in summer followed a sharp decline in spring. During the first wave of Corona, the GDP of the euro zone fell 11.8 percent in the second quarter.
Despite record growth in the summer months, the economy of the 19 eurozone member states was unable to fully compensate for the fall of the krone. As the statistics agency also announced, economic output in the third quarter was 4.4 percent lower than a year earlier.
After the strong recovery in the summer, the economic outlook has recently clouded again. Due to a second wave of the corona pandemic, many states in Europe have decided to severely restrict public life and thus markedly slowed the economy again, although not as strongly as in the spring.