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The economy of the European Union in times of COVID-19

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  • Rueda Cantuche, José Manuel

Abstract

The COVID-19 pandemic is having an unprecedented impact on the European economy. In this article, we analyse the latest figures published by Eurostat for 2020 and the European Commission’s Spring Economic Forecast 2021, at the same time providing a more detailed list of the impacts on the European economy by sector, using the Trade-SCAN model developed by the European Commission's Joint Research Centre. According to our analysis, Spain has the worst results in terms of employment and Gross Domestic Product (GDP), mainly in the four most affected sectors in the European Union (EU), namely, trade, artistic, sports, cultural and recreational activities, business services and accommodation, food and beverage activities. Ireland is remarkable, being the only country with growth in its GDP, mainly due to its exports of pharmaceutical products and information technology services. Overall, the European economy finally dropped by 6.1% in 2020, with certain common patterns in sectoral terms in each of its countries with the exception of some cases such as Romanian agriculture or the construction market in Ireland, among others.

Suggested Citation

  • Rueda Cantuche, José Manuel, 2021. "The economy of the European Union in times of COVID-19," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 30(1), pages 1-17.
    • Handle: RePEc:sdo:regaec:v:30:y:2021:i:1_2
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    File URL: https://revistas.usc.gal/index.php/rge/article/view/7663
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    Cited by:

    1. Chernenko, Natalya & Moiseienko, Tetiana & Korohodova, Olena & Hlushchenko, Yaroslava, 2021. "Analysis of mergers and acquisitions between 2009 and 2020," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 30(4), pages 1-18.

    More about this item

    Keywords

    Economic impacts; Employment; COVID-19; European Union; Trade-SCAN.;
    All these keywords.

    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

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