Historic recession in the European Union's most powerful economies in 2020

Paris-Sana

The economies of Germany, France and Spain recorded a historic recession in 2020.

According to France Press, the French gross domestic product recorded a decline of 8.3 percent last year, according to preliminary estimates published by the French National Institute of Statistics, as the economy of this country has not witnessed this level of decline since World War II.

In Spain, gross domestic product fell by 11 percent, according to preliminary official estimates published today, as this figure matches the expectations of the Spanish government.

The Spanish economy deteriorated last spring before recovering during the summer. However, activity slowed down, especially tourism, with the re-imposition of health restrictions.

Spain ended the year 2020 with more than half a million additional people unemployed, especially in the tourism and hotel sectors.

Germany has become the first economic power in the eurozone to announce a 5 percent decline in its GDP in its worst year since 2009, despite the recovery of its industrial sector allowing to limit the damage, while Poland, the largest economy in Central and Eastern Europe, announced the first decline in GDP since 1991, which reached according to National Bureau of Statistics - 2.8 percent.