The Eurozone economy contracted by 3.8% in 2020, according to data released by Eurostat. This is the sharpest annual decline on record for the currency bloc.
The largest contraction was seen in Greece, with a 8.2% decline in GDP. Spain followed with a 11% drop, while Italy and Portugal both saw a decrease of 8.9%.
The European Union as a whole contracted by 6.1% in 2020, with Germany being the only member state to avoid a recession.
Concerns remain about the economic recovery in the Eurozone, as many countries are still facing restrictions due to the ongoing pandemic.
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
