The Gross Domestic Product (GDP) In the Euro Area was worth 13335.84 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Germany, France, Italy and Spain are the most important economies accounting respectively for 29 percent, 20 percent, 15 percent and 10 percent of the bloc’s GDP. [70] The plans would apply to all EU members, not just the eurozone, and have to be approved by EU leaders along with proposals for states to face sanctions before they reach the 3% limit in the Stability and Growth Pact . If a country was to run a deficit, they would have to justify it to the rest of the EU while countries with a debt more than 60% of GDP would face greater scrutiny. All major economies in the region posted record declines in GDP: Spain (-18.5percent), Italy (-12.4 percent), France (-13.8 percent) and Germany (-10.1 percent).The Eurozone economy shrank by 3.6 percent on quarter in the first three months of 2020, compared with preliminary estimates of a 3.8 percent contraction and the previous period's 0.1 percent growth. Data produced by the International Monetary Fund (WEO October 2019) for the year 2019. Germany, France, Spain and Italy economies shrank the most on record, with Germany and France entering a recession.The Eurozone economy shrank by 3.8% on quarter in Q1, compared to market expectations of a 3.5% contraction, a flash estimate showed. The deepest GDP fall since time series started in 1995 coincided with Covid-19-induced lockdowns that began to ease in many eurozone countries only from May.
The Euro Area is an economic and monetary union of 19 European countries that adopted the euro as their currency. Eurozone GDP Growth Confirmed at 7-Year Low. The Trading Economics Application Programming Interface (API) provides direct access to our data. The Eurozone economy shrank by 12.1 percent in the three months to June 2020, entering a steep recession, a preliminary estimate showed.
News Eurozone GDP drops 12.1% in record pandemic plunge.
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