What is the impact of the Coronavirus (Covid-19) on the European economy? In this article we will see several tables, graphs and insights to get a clearer idea of the impact of the pandemic on the European economy.
The trend of GDP in 2020 in Europe
First to understand the impact that Covid-19 is having on the European economy it is interesting to look at the Gross Domestic Product data.
Take for example the GDP of the top 3 countries in Europe. Germany, Great Britain and France. Germany in only 2 quarters, from Q4 2019 to Q2 2020, has gone from having a GDP of 886140 million euros to 771420. The decrease in such a short time was 114 million euros. At the same time, the French State went from 632480 to 512236 (decrease of 111,244 million euro) with a similar trend to Germany. In the trio in the lead also Great Britain has suffered a very strong drop with even more than 122 million euro lost in a very short time.
Below is the difference between the GDP in Q2 2020 and Q4 2019 in millions of Euros for European countries (of the European continent).
| State | Difference between Q2 2020 and Q4 2019 in mln € |
|---|---|
| Albania | -320.8 |
| Austria | -17743.7 |
| Belgium | -23440 |
| Bulgaria | -2703.6 |
| Croatia | -2087.5 |
| Cyprus | -677.6 |
| Czechia | -9583.4 |
| Denmark | -6579.4 |
| Estonia | -1009.7 |
| Finland | -4561 |
| France | -111244 |
| Germany | -114720 |
| Greece | -6543.2 |
| Hungary | -8898.1 |
| Iceland | -1275.2 |
| Ireland | -10167.5 |
| Italy | -103952.7 |
| Latvia | -1139 |
| Lithuania | -1245.9 |
| Luxembourg | -1759.3 |
| Malta | -592.3 |
| Montenegro | -339.2 |
| Netherlands | -16596 |
| North Macedonia | -619.4 |
| Norway | -19494 |
| Poland | -32230.6 |
| Portugal | -8556.9 |
| Romania | -21297 |
| Serbia | -1755.7 |
| Slovakia | -3051 |
| Slovenia | -1634.1 |
| Spain | -74342 |
| Sweden | -9168.1 |
| Switzerland | -12294 |
| Turkey | -50770.5 |
| United Kingdom | -122607.7 |
The employment rate in Europe during Coronavirus
We have seen above the strong impact that Covid-19 has had on GDP. But what was the impact on the employment rate? A premise is a must. The employment rate is calculated on those between 15 and 64 years of age. In addition: “According to the labour force survey a person is defined as “employed” if. Iin the reference week in which the interview is carried out, he or she has done at least one hour of paid work. If has done at least one hour of work in the company of a family member. Or if has been absent from work (e.g. due to vacations, sickness, redundancy fund), but has kept his or her job” (Eurostat).
The employment rate has fallen in all the countries of the European continent. If we take Great Britain as an example, it went from 75.6% of Q4 in 2019 to 75.3% with a loss of 0.3 points. The Netherlands lost 1.1 points, France 1.2 points. Obviously behind only one point of variation there are actually millions and millions of jobs. According to various sources over 10 million jobs have been lost in such a short time throughout the European Union (not Europe as a continent).
Below is the trend of the employment rate from 2001 to Q2 in 2020 (first 15 countries in Europe).
An uncertain future for the economy
The advance of the pandemic in Europe, from Great Britain to Germany, from Italy to France, is certainly not an easy topic to manage. We have seen the impact of Covid-19 in recent months. An impact on the health system but also on the economy. In the coming months it will be interesting to continue monitoring these data to understand the evolution.
Data source with useful links
Several databases and sources have been used to realize this article, including Eurostat. On the Eurostat website it is possible to analyze and download macro-economic data. Data about the countries of the European Union and Europe in general.
To view the site: https://ec.europa.eu/eurostat.
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