Euro-area companies shed jobs initially of the yr after strict lockdowns pushed the financial system right into a double-dip recession.
Employment within the 19-nation area fell by 0.3% within the first quarter after two consecutive positive aspects. The financial system shrank 0.6% in the identical interval, matching an preliminary estimate.
Since then, the outlook for the euro zone has improved. Coronavirus infections are tumbling as vaccinations choose up, and governments have began to ease curbs. Outlets and eating places are steadily opening up in Germany, and international locations from Greece to Portugal have launched their summer season journey season.
The European Fee just lately upgraded its economic outlook after taking account of the area’s 800 billion-euro ($977 billion) joint fiscal stimulus plan for the primary time, predicting euro-area progress of 4.3% this yr and 4.4% in 2022. The restoration will nonetheless be uneven although, with France, Spain and Italy not reaching their pre-pandemic output ranges till subsequent yr.
— With help by Kristian Siedenburg, Harumi Ichikura, and Zoe Schneeweiss