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2020/03/25 / Erste Group Research

Short Note | EZ-GDP to shrink by 3.5% in 2020

All countries in the Eurozone have gradually begun to impose significant restrictions on public life from mid-March onwards in order to stem the spread of the coronavirus. We are therefore lowering our GDP forecast for the Eurozone for 2020 from the previous -0.5% to -3.5%, thereafter a recovery of +3.1% should take place in 2021.

With the extension of the quarantine measures until at least after Easter, it became clear that the Austrian economy will be hit harder than initially assumed. Even after Easter, the economy will in all probability not return to normal operations quickly, with restrictions still expected for a few weeks. We estimate that the Austrian economy will shrink by about 2.6% this year. For the coming year, we currently expect a recovery of +1.7%.

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General information

AuthorErste Group Research
Product nameShort Notes Major Markets
Topic in focusMacro/ Fixed income
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-


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