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The eurozone economy grew by 5.2 percent last year, after shrinking by 6.4 percent in 2020. This was reported in a flash assessment on Monday by the European Statistics Office Eurostat.
The year started with a slight contraction, but the economy recovered strongly in the second and third quarters, each time with growth of more than 2 percent compared to the previous quarter. Growth slowed to 0.3 percent in the fourth quarter, according to Eurostat, due to the appearance of the Omigron variant.
Spain, Portugal and Sweden still saw strong economic growth in the fourth quarter (between 2 and 1.4 percent), but in countries such as the eurozone’s largest economies, Austria (-2.2 percent) and Germany (-0.7 percent), the economy contracted at the end of the year.
In Belgium, the National Bank released a flash rating last weekend. The Belgian economy grew by 6.1 percent in 2021 and 0.5 percent in the fourth quarter. Eurostat estimates economic growth of 5.2 percent for the entire EU in 2021.
The European economy performed less than the US and Chinese economies last year. The U.S. economy grew by 5.7 percent in 2021, shrinking from 3.5 percent a year earlier. China’s economy grew by 8.1 percent last year, while the Chinese economy grew by 2020 (+2.3 percent).
The year started with a slight contraction, but the economy recovered strongly in the second and third quarters, each time with growth of more than 2 percent compared to the previous quarter. Growth slowed to 0.3 percent in the fourth quarter, according to Eurostat, due to the appearance of the Omigron variant. Spain, Portugal and Sweden still saw strong economic growth in the fourth quarter (between 2 and 1.4 percent), but in countries such as the eurozone’s largest economies, Austria (-2.2 percent) and Germany (-0.7 percent), the economy contracted at the end of the year. In Belgium, the National Bank released a flash rating last weekend. The Belgian economy grew by 6.1 percent in 2021 and 0.5 percent in the fourth quarter. Eurostat estimates economic growth of 5.2 percent for the entire EU in 2021. The European economy performed less than the US and Chinese economies last year. The U.S. economy grew by 5.7 percent in 2021, shrinking from 3.5 percent a year earlier. China’s economy grew by 8.1 percent last year, while the Chinese economy grew by 2020 (+2.3 percent).
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