GDP up by 12.6% and employment up by 0.9% in the Euro Area and in the EU GDP + 11.6 % and employment by 0.9 %
GDP growth in the Euro Area and EU
In the third quarter of 2020, seasonally adjusted GDP increased by 12.6 % in the euro area and by 11.6 % in the EU compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. These were by far the sharpest increases observed since time series started in 1995, and a rebound compared with the second quarter of 2020, when GDP had decreased by 11.8 % in the euro area and by 11.4 % in the EU.
Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 4.4 % in the Euro Area and by 4.3 % in the EU in the third quarter of 2020, which represents a partial recovery after -14.8 % and -13.9 % respectively in the previous quarter.
During the third quarter of 2020, GDP in the United States increased by 7.4% compared with the previous quarter (after -9.0% in the second quarter of 2020). Compared with the same quarter of the previous year, GDP decreased by 2.9% (after -9.0% in the previous quarter).
Employment growth in the Euro Area and EU
The number of employed persons increased by 0.9 % in both the euro area and in the EU in the third quarter of 2020, compared with the previous quarter. These were the strongest increases observed since time series started in 1995. In the second quarter of 2020, employment had decreased by 2.9% in the euro area and by 2.7 % in the EU.
Compared with the same quarter of the previous year, employment decreased by 2.0% in the euro area and by 1.8 % in the EU in the third quarter of 2020, after -3.1 % and -2.9 % in the second quarter of 2020.
