Economy Eurostat: Largest economic growth/decrease in the EU in first quarter of 2020

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Romania recorded the largest economic growth among the 27 EU member states in the first quarter of 2020 compared to the same period in 2019, according to a preliminary estimate released on Friday by the European Statistical Office (Eurostat).

The eurozone’s GDP underwent a 3.2% drop in the first three months of this year compared to the same period in 2019, while for the European Union the decline amounted to 2.6%. This was the most serious decline since the third quarter of 2009.

The largest annual growth in the EU between January and March 2020 was recorded in Romania (2.7%), Lithuania (2.5%) and Bulgaria (2.4%), while the largest decrease occurred in France (-5.4%), Italy (-4.8%), Spain and Slovakia (-4.1% each).

Furthermore, in the first quarter of 2020, compared to the previous three months, the eurozone fell by 3.8% and the EU by 3.3%, which constitutes the biggest decrease since its establishment in 1995.

The only quarterly increases in the EU between January and March 2019 were reported in Romania, Bulgaria and Finland, with the most significant decline found in France (-5.8%), Slovakia (-5.4%) and Spain (- 5.2%).

On 9 June, Eurostat will publish a second estimate of the evolution of the eurozone’s and the EU GDP.

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No surprise with Romania, booming for about 20 years already besides the recession, but what happened in Slovakia? -5.4!? And some severe shit is coming if France and Spain were that bad. I mean they can recover, but they must loan money. In the former recession the states loaned the banks.