Good news for the euro zone economy: after the low of the krone, things are looking up again. However, the crisis continues to weigh heavily.
Luxembourg (dpa) – The euro zone economy grew strongly in the summer after the fall of the Crown in the spring. Economic output (GDP) in the third quarter was 12.7 percent higher than in the previous quarter, as announced by Eurostat’s statistics office in Luxembourg on Friday.
Analysts had expected a strong recovery, but only expected 9.6 percent growth on average. In the European Union (EU), economic growth in summer was 12.1 percent according to Eurostat. Both the euro area and the EU recorded the largest increases since records began in 1995.
However, the crisis is strong, as the comparison with the previous year shows: compared to the summer of 2019, economic output in the euro area was 4.3 percent lower, in the EU it was 3, 9 percent lower.
Increased growth last summer followed a severe economic recession in the spring. During the first Corona wave, euro area GDP fell 11.8 percent in the second quarter and 11.4 percent in the EU.
The economic outlook is anything but favorable, as many countries in Europe have decided to severely restrict public life in response to a second corona wave.