Euro Zone GDP drops but Ireland GDP grew by 3% in 2020

22 Feb

The Euro zone GDP fell to a -6.4% (across all 27 countries). Last November the European Commission estimated a even bigger recession (-7.8% accross). 

The only country in Europe that had a positive economic result in 2020 was Ireland, with a +3.2%. All other contries showed a recession in the economy.

The pharmaceutical and IT sectors (including the export of medical equipment and IT services) were the main drivers of the Irish economy. Another factor that contributed to this result was the reopening of all businesses just before Christmas.