Eurozone Economic Rebound Leaves Output Below Pre-Pandemic Levels



Martin Arnold and Valentina Romei | Financial Times

The eurozone economy rebounded from its coronavirus-induced recession in the three months to September, but output remained well below pre-pandemic levels and other data suggests the recovery has already stalled due to the resurgence in the spread of the virus.

The bloc’s output grew by 12.7 per cent in the third quarter of the year compared with the previous three months, better than the 9.4 per cent expected by economists polled by Reuters and the fastest rate of expansion since records began in 1995.

But gross domestic product remained 4.3 per cent smaller than its pre-pandemic level at the end of last year, and economists have warned that the fresh round of restrictions imposed in recent weeks to contain the virus could plunge the bloc back into contraction again in the final quarter of this year.

By contrast the US economy has rebounded to within 3.5 per cent of its level at the end of last year, data published on Thursday showed.

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