Gross Domestic Product decreased by 0.1% in the European Union and by 0.3% in the euro area in the first quarter of 2021 compared to the previous three months, with the Member States with the highest economic growth being Ireland (7.8% ), Croatia (5.8%), Estonia (4.8%), Greece (4.4%) and Romania (2.8%), according to data released on Tuesday by the European Statistical Office (Eurostat).

The declines follow a drop in the fourth quarter of last year, of minus 0.4% in the EU and minus 0.6% in the euro area.

Among EU Member States, the most severe decline in Gross Domestic Product in the first quarter of 2021, compared to the previous three months, was registered in Portugal (minus 3.3%), Slovakia (minus 2%), Germany (minus 1, 8%) and Latvia (minus 1.7%), according to Agerpres.

In the first quarter of 2021 compared to the similar period of 2020, the Romanian economy stagnated, after a decline of 2% in the fourth quarter of last year. In the European Union, the seasonally adjusted Gross Domestic Product decreased by 1.2% and 1.3% in the euro area, after a contraction of 4.4% and 4.7% respectively in the last quarter of last year.

The highest annual increases were recorded in Ireland (12.8%), Estonia (5%) and Luxembourg (4.9%), and the most severe decline in Portugal (minus 5.4%), Austria (minus 4.5%) and Spain (minus 4.3%).