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. 

 

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