Portugal maintained its weight in the European Union’s GDP in 2020. Vale 1.5% – Conjuntura
Last year, the Portuguese economy maintained its weight in the gross domestic product of the 27 Member States, representing 1.5% of all local wealth in the European Union (EU). Germany increased its weight in the EU’s GDP, largely due to the fall registered among the other large economies, such as France, Italy and Spain.
According to Eurostat data published this Monday, Germany’s share grew in 2020 compared to 2019, from 24.8% to 25.1%. France, on the other hand, decreased its weight from 17.4% to 17.2%; Italy dropped from 12.8% to 12.3% and Spain from 8.9% to 8.4%, being the Member State that enjoys the greatest impact of the pandemic on the evolution of GDP.
Last year, the Portuguese economy was the fourth that fell the most among the 27, according to the European Union’s statistics office. “In the comparison between the GDP of 2019 and 2020 in the EU Member States, Spain had the greatest impact (-10.8%), followed by Greece (-9.0%), Italy (-8.9%), Portugal (-8.4%), Malta (-8.2%), Croatia (-8.1%) and France (-7.9%) “being” the only country in the EU that recorded an increase in GDP in 2020 it was Ireland (+ 5.9%)”.
First fall since 2019
According to Eurostat, the GDP of the European Union as a whole stood at around 13.4 billion euros, at current prices. “In real terms, the EU’s GDP in 2020 was 7.6% higher than ten years ago”, it was 5.9% below the level of 2019″, says the statistics office, increasing what was the first drop in the EU GDP since 2009, when GDP fell 4.3% compared to 2008. “
Explaining this drop, are “as restrictions implemented in 2020 to slow down the spread of covid-19”, indicates Eurostat.