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Euro zone data point to fourth quarter GDP drop: ECB

Published 01/07/2021, 04:19 AM
Updated 01/07/2021, 04:20 AM
© Reuters. FILE PHOTO: ECB headquarters in Frankfurt

FRANKFURT (Reuters) - Euro zone economic indicators point to an economic contraction in the final quarter of 2020, the European Central Bank said in a regular economic bulletin on Thursday.

"High-frequency indicators and the latest survey results are consistent with a fall in GDP in the final quarter of 2020," the ECB said. "Survey indicators point to a renewed contraction in activity primarily affecting the services sector."

© Reuters. FILE PHOTO: ECB headquarters in Frankfurt

The ECB said that the stat of vaccinations supports expectations for a rapid recovery but it will "take time" before widespread immunity is reached and the economy can return to normal.

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