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Euro zone data point to fourth quarter GDP drop: ECB – Metro US

Euro zone data point to fourth quarter GDP drop: ECB

FILE PHOTO: ECB headquarters in Frankfurt
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.”

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.

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)

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