The Eurozone economy shrank by 4.3 percent year-on-year in the third quarter of 2020, easing from a record slump of 14.7 percent in the previous period and compared with a second estimate of a 4.4 percent contraction. source: EUROSTAT

GDP Annual Growth Rate in the Euro Area averaged 1.43 percent from 1995 until 2020, reaching an all time high of 5 percent in the first quarter of 1995 and a record low of -14.70 percent in the second quarter of 2020. This page provides - Euro Area GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Annual Growth Rate - values, historical data and charts - was last updated on February of 2021.

GDP Annual Growth Rate in Euro Area is expected to be -4.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Euro Area to stand at 7.50 in 12 months time. In the long-term, the Euro Area GDP Annual Growth Rate is projected to trend around 4.00 percent in 2021 and 2.30 percent in 2022, according to our econometric models.

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Euro Area GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-4.30 -14.70 5.00 -14.70 1995 - 2020 percent Quarterly

Euro Area GDP Annual Growth Rate
The Euro Area is the second largest economy in the world. Of the 19 member states it includes, the biggest are: Germany (29 percent of total GDP), France (20 percent), Italy (15 percent) and Spain (10 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (20 percent). Exports of goods and services account for 47 percent of GDP while imports account for 43 percent, adding 4 percent of total GDP.