3.4 EUROPE

In 2019, the slowdown of the European economy continued with GDP growth of only 1.4% in the 28 European Union (EU) member countries and 1.2% in the eurozone. Severely hit by the COVID-19 pandemic, in 2020, the eurozone observed its sharpest drop since 1995: 11.8% in the second quarter of 2020. It is worth noting that the decline was less severe than expected, and a relatively fast economic rebound started in May when lockdown measures were released.