July 4, 2022
In 2021, the real gross domestic product (GDP) showed a strong economic rebound and increased by 5.4%, even if economic activities were still affected by the containment measures. Nevertheless, GDP remains 0.8% below the 2019 pre-COVID level, as the economic fallout due to COVID-19 resulted in a 5.9% decrease in 2020.
Looking at the development of the EU’s GDP components from the expenditure side, it is observed that the 2021 final consumption expenditure and gross capital formation are still lower than their 2019 level expressed in volume terms, while exports and imports have recovered.
Despite the 3.9% increase in 2021, the level of final consumption expenditure in volume terms was still lower than that of 2019. The final consumption expenditure of the general government was the only expenditure item to record an increase (0.9%) during 2020, the year when the COVID-19 crisis started, and it further increased by 3.8% in 2021. Gross capital formation fell by 8.1% in 2020, while it recovered partially (6.7%) in 2021.
In 2020, the value of exports fell 8.6% compared with 2019, while imports fell 8.3%. In 2021, the value of exports rebounded by 10.7%, while imports grew by 9.3%.
Source: Eurostat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
