Both the EU and the eurozone economies are facing a second recession in just over a year, continuing to shrink in the first three months of 2021, according to preliminary estimates released by Eurostat.
Gross domestic product (GDP) in the 19 countries sharing the euro contracted 0.6% quarter-on-quarter in January through March, while the wider EU economy was down 0.4%, the statistical office said on Friday. Year-on-year, the euro area economy shrank by 1.8%, while output in the 27-nation bloc declined 1.7%.
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