Eurozone GDP Contracts In Q1

The eurozone economy shrank by 0.6% on a quarterly basis in the three months to March 2021, in line with expectations of -0.6%, a second estimate confirmed on Tuesday.

On an annual basis, the bloc’s GDP decreased by 1.8% in Q1 versus -1.8% initiallyy in line with market expectations of -1.8%.

Separately, employment in the euro area decreased by 0.3% and 2.1% on a quarterly and year-on-year basis, respectively, in the first quarter of 2021.