The Eurozone Economy Contracted by 0.6% in Q1

The eurozone economy shrank in Q1 2021, as countries implemented new closures and restrictions amid the third wave of coronavirus infections.

GDP in the region fell 0.6% quarter-on-quarter, against expectations of a 0.8% contraction, according to preliminary data released by Eurostat.

Germany, Italy and Spain all saw a decline in activity during the first three months of the year.

On an annual basis, the economy contracted by 1.8%, after expectations of a 2% contraction this quarter.