The EU statistical agency released data on the Community’s economy in 2020. The European Union was then around EUR 13.4 trillion in current prices. This meant a decline by 6.1 percent year on year.
The GDP of the European Union has shrunk in 2020. But still solid growth over the decade
In real terms, it was an annual decline of 5.9%. – the first since 2009 (when the EU economy shrank by 4.3% in real terms). We then had a massive financial crisis followed by a debt crisis in Europe. Last year, the economy was burdened by the coronavirus pandemic and related restrictions that stopped a large part of economic activity for long weeks.
In 2020, the economies of the southern countries of the continent shrank the most. In double-digit pace in Spain – by 10.8 percent. compared to 2019. In Greece, GDP fell by 9%, in Italy by 8.9%, in Portugal by 8.4%, Malta by 8.2%, Croatia by 8.1% and in France by 7.9% percent Last year, only one EU country recorded economic growth – it was Ireland (by 5.9%).
Germany generates over 25 percent. EU GDP
Despite this, the EU economy in real terms in 2020 was still 7.6%. greater than a decade before. Slightly over a quarter of GDP – 25.1 percent – generated The next largest EU economies are France (17.2% share) and Italy (12.3%). Poland came sixth with a share of 3.9%. We are still ahead of Spain (8.4%) and the Netherlands (6%).
Much smaller economies, generating less than 1 percent. EU GDP are: Malta, Estonia, Cyprus, Latvia, Croatia, Lithuania, Slovenia, Bulgaria, Luxembourg and Slovakia.
Source: Gazeta
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