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The uneven impact of the health crisis on the euro area economies in 2020

Author

Listed:
  • Ángel Luis Gómez

    (Banco de España)

  • Ana del Río

    (Banco de España)

Abstract

The economic impact of the COVID-19 pandemic has been uneven across euro área countries. Among the factors explaining this are the intensity of the health crisis in each territory and the severity and duration of the containment measures applied to limit the spread of the virus, as well as the structural differences between the economies, and, in particular, their productive specialisation. The empirical analysis presented in this paper indicates that the variation of the economic impact of the pandemic across euro área countries is largely explained by the relative importance of the most vulnerable service industries – those involving greater face-to-face social interaction – and the capacity to implement teleworking.

Suggested Citation

  • Ángel Luis Gómez & Ana del Río, 2021. "The uneven impact of the health crisis on the euro area economies in 2020," Occasional Papers 2115, Banco de España.
    • Handle: RePEc:bde:opaper:2115e
    as

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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    COVID-19; economic impact; productive structure; mobility restriction;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F00 - International Economics - - General - - - General

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