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Europe's recession deepened in the first quarter but the recovery is underway

April 30, 2021. Summarized by summa-bot.

Compression ratio: 28.6%. 1 min read.

Europe fell deeper into recession in the first three months of the year, but the region's economy is already turning a corner and looks set to bounce back as coronavirus restrictions ease.

London (CNN Business)Europe fell deeper into recession in the first three months of the year, but the region's economy is already turning a corner and looks set to bounce back as coronavirus restrictions ease.

EU GDP contracted by 0. 4% between January and March, compared with the previous quarter, statistics agency Eurostat said in a statement on Friday.

But the European economy is beginning to show signs of life and experts expect a strong rebound as the vaccine rollout accelerates and restrictions ease heading into summer.

Unemployment declined slightly in March and consumption has responded strongly to the slightest easing of restrictions, which is a positive sign of what's to come, said ING's senior eurozone economist Bert Colijn.

Commerzbank said on Friday that it expects the euro area economy to return to its pre-crisis level by the end of this year.

by summa-bot

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