Eurozone economy grew by 5.2% in 2021

The eurozone economy recorded strong growth of 5.2% in 2021, following the historic decline of 6.4% recorded in 2020, according to the first estimate of the European statistical agency Eurostat, which yesterday, 31 January, has been released.

Eurostat indicated that the same 5.2% also applies to the whole of the European Union (including countries that do not adopt the euro as their currency). For the entire European bloc, the decline in 2020 was 5.9 percent.

In November, the European Commission expected 5% growth for 2021.

In this way, the region partially recovered the disastrous losses it recorded in 2020 in a context marked by the coronavirus pandemic.

The decline of 6.4% in 2020 was the worst in the entire Eurostat historical series, and pulverized the decline of 4.4% recorded in 2009.

According to Eurostat, the eurozone economy experienced a marked 4.6% expansion in the fourth quarter of 2021 compared to the same period last year, although only 0.3% compared to the third quarter, when it rose 2.3 percent registered.

That fourth-quarter performance; however, this has been clearly affected by the expansion of the Omicron variant of the coronavirus.

Repair

The European economy has begun a recovery process from the second quarter of 2020, although concerns remain about the impact of the pandemic on the supply chain in the countries of the bloc.

In addition, the expansion of the Ómicron variant has raised a number of doubts about the ability of the European economy to maintain its current growth rate.

In the United States, the growth of the economy was 5.7% in 2021, after a decline of 3.5% the previous year.

Meanwhile, China achieved 8.1% annual growth in 2021, after advancing 2.3% in 2020.