Due to weak consumer spending, the euro area economy shrank at a faster than initially estimated rate in the fourth quarter of 2020, revised data from Eurostat showed on Tuesday.
Gross domestic product declined 0.7 percent sequentially instead of 0.6 percent estimated on February 16. The fall reversed a record 12.5 percent rebound seen in the third quarter.
On a yearly basis, GDP was down 4.9 percent, bigger than the 4.2 percent decline in the third quarter but slower than the 5.0 percent drop estimated on February 16.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.