European Commission: Euro area GDP seen falling by 7.7% in 2020
|The European Commission is out with its latest economic forecasts on the euro area, with the key highlights found below.
Euro area GDP is seen at -7.7%, 2021 Euro area GDP seen at +6.3%.
2020 Germany GDP seen at -6.5%, 2021 Germany GDP seen at +5.9%.
2020 France GDP seen at -8.2%, 2021 France GDP seen at +7.4%.
2020 Italy GDP seen at -9.5%, 2021 Italy GDP seen at +6.5%.
Italy's debt was set to spike to 158.9% of GDP this year before marginally dropping in 2021, a massive jump from the already huge ratio of 134.8% recorded in 2019, and the highest level since World War II.
Market reaction
The economic projections failed to move the euro, as EUR/USD kept its range near two-week lows of 1.0792, down 0.40% on a daily basis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.