Percentage change of key macroeconomic indicators in the Eurozone 2019-2023

The COVID-19 pandemic, and the exceptional measures taken by governments all around the world to contain it, took a serious toll on European economies. Consequently, almost all of the key macroeconomic indicators for the Eurozone showed a decreasing trend for 2020. In particular, average GDP of the 19 countries using euro as their currency fell by 6.5 percent during that year. Private consumption as well experienced a severe contraction of eight percent, with many businesses being shut down to enforce social distancing. In 2021, however, European economies managed to partially recover from this situation, as societies became more experienced in living side by side with the virus and mass distribution of vaccines began. Projections by the source suggest the continent is going to continue on this path of recovery.