Spain grows 19.8% year-on-year and drags the expansion of the Eurozone

Madrid 17 / 09 / 2021 – 17: 09

Gross domestic product (GDP) increased by 2 % in the euro area and 1.9% in the European Union in the second quarter of the year compared to the first three months of 2021, reported the European statistical office, Eurostat. The Spanish economy managed to increase its GDP by 2.8% on a quarterly basis, after contracting by 0.4% -within the average for the euro area-, and a 19, 8% year-on-year, thus dragging the Eurozone as a whole and being the economy that grew the most. Mid-to-year growth for the European Union was 13, 2% , slightly lower than that of the eurozone.

This is the first positive rate registered in the Eurozone since the third quarter of 2020, when the community economy predictably recovered from the pandemic with a 11, 6%.

The data published by Eurostat coincides with the preliminary calculation for this period of the Community office, thus confirming that the economies of the eurozone and the European Union overcame the technical recession in which they had been entered the first three months of the year by accumulating two consecutive quarters of GDP declines.

In the first quarter of the year, the rate had contracted by 0.3% in the euro area and 0.1% in the European Union, while between October and December 2020 the falls were 0.6% and 0.4%, respectively.

Comparison between countries In the year-on-year comparison, Spain once again ranks as the country whose economy most cr It was compared to the second quarter of 2020 among those for which Eurostat has data: its GDP increased by 19, 8% compared to the period between April and June of 2020 after accumulating several quarters of year-on-year falls.

Among the countries for which data is available , all register increases in their GDP between April and June compared to the first quarter of the year.

With data similar or higher than the community average, such as Spain, Belgium ( 14, 5%), Portugal (15, 5%), Romania (11, 6%) and especially France (18, 7%), Hungary (17, 7%), Italy (15, 3%), whose growth is between a 1.1% and 2.5% below the Spanish interannual growth and they star alongside an In our country the most notable growth rates.

For their part, Portugal, with 4.9%, and Austria, with 4.3%, marked the sharpest increases .

As this is a comparison with the critical second quarter of 2020, in which the European economy suffered an unprecedented lockdown due to the coronavirus pandemic, all the countries for which Eurostat has data available recorded significant year-on-year increases in their GDP between April and June 2021.

Brussels improved its estimates for 2022, year in which he expects GDP to increase by 4.5% in both the nineteen countries that share the single currency and in the Twenty-seven.

The Community Executive trusts that GDP will recover to pre-pandemic levels in the last quarter of this year in the euro area and in the European Union, although it admits that the uncertainty surrounding these forecasts is “elev ada “and notes that the risks associated with coronavirus variants” underscore the importance of further accelerating the pace of vaccination campaigns. ”

Employment recovery Employment grew by 0.5 % in the euro area and one tenth more, 0.6%, in the European Union (EU) as a whole, during the second quarter of the year, compared to the first three months of 2021, according to estimates published by the Community Statistical Office Eurostat.

In interannual terms, the growth from April to June was 1.8% both in the 27 and among the countries that share the single currency.

The data for the second quarter of 2021 highlight the recovery of the labor market and contrast with those of the first period of the year, when employment fell by 0.2 % both in the euro area and in the Union, compared to the tr Previous quarter.

Also, if you compare the first quarter of 2021 with the same period of 2020, the decline in employment was greater; 1.8% in the euro area and 1.6% in the EU as a whole.


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