In addition, a new BlueInvest Fund was created in 2020. All rights reserved. For the country reporting, they are available in English and in the country's official language (s). The European economy slid at the end of 2020 because of new lockdowns. Growth projections for the EU and euro area have been revised down by around nine percentage points compared to the Autumn 2019 Economic Forecast . Our research topics give a deeper insight into that support of EU policy, while you can also discover the unique laboratories and facilities where our scientists work. The EU, world leader in ocean energy technology, is on track to produce up to 35% of its electricity from offshore sources by 2050. She said the eurozone economy was headed for a “sharp decline” of some 13% in the second quarter and reiterated the bank’s forecasts for a GDP drop of 8.7% in 2020 and a rebound of 5.2% in 2021. December 22, 2020. PE 646.152 – January 2020 EN . Today, the European Commission published “The EU Blue Economy Report 2020”, providing an overview of the performance of the EU economic sectors related to oceans and the coastal environment. We will make sure that research, innovation and education contribute to the transition towards a European Blue Economy. The European Fund for Strategic Investments has invested over €1.4 billion in offshore wind projects and offered substantial support to other parts of the blue economy, including port development and clean shipping. As the current coronavirus crisis has an impact on all economic sectors, including the blue economy, the European Commission has taken strong measures early on to protect the EU economy, including the various sectors of the blue economy. EU economy Add to myFT. According to the latest forecast from the European Commission, the EU economy will shrink 8.3% in 2020. 2) The rank that you see is the CIA reported rank, which may have the following issues: Factset: FactSet Research Systems Inc.2018. Output in Italy, Europe’s most troubled big economy, unexpectedly shrank 0.3 percent in the fourth quarter. The eurozone economy fell in … Official Journal - access to European Union law. This paper focuses on the EU policy framework and the various EU initiatives and actions linked to the blue economy – encompassing all economic activites relating to oceans and seas. Fuelled by the International Maritime Organisation's 2020 sulphur cap, maritime transport is looking increasingly towards less carbon-intensive energy sources. Sanjeev Gupta. These figures illustrate that the EU Blue Economy has overcome the devastating impact of the economic and financial crisis of 2008. EU economy likely to shrink 1% in 2020 because of coronavirus - Commission Back to video “The direct impact through all channels is estimated to reduce real GDP growth in 2020 … That's worse than the 9.5% slump recorded Thursday. The EU economy is forecast to contract by 7½% in 2020 and grow by around 6% in 2021. Growth in 2021 will also be slightly less robust than projected in the spring. Economists certainly think the EU economy will slow down in 2020 for the third consecutive year. Digital Economy and Society Index (DESI) 2020 The Digital Economy and Society Index (DESI) monitors Europe’s overall digital performance and tracks the progress of EU countries in their digital competitiveness. 1. Compared with the same period a year ago, the drop in output in the April-to-June quarter was 14.4%. ET Add to myFT Digest Friday, 7 May, 2021. The economy of the European Union is the joint economy of the member states of the European Union (EU). There are also major divergences over multifarious policies with in some cases west versus east; in … Timeline for State aid policy reviews 2020-2024. Moreover, the report stresses the correlation between sustainable fishing and positive economic performance. With a turnover of €750 billion in 2018, the EU blue economy is in good health. The economy of the European Union is expected to shrink by 7.4 percent in 2020, following the outbreak of Coronavirus (COVID-19) in early 2020, with an economic recovery anticipated in 2021. While the marine environment is typically associated with traditional activities such as fishing or transport, it houses an increasing number of emerging, innovative sectors including marine renewable energy. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Eurostat economic figures for the second quarter of 2020 show that Europe saw its deepest and most sudden economic collapse in history. This growth was mainly driven by the coastal tourism sector. Follow DG Competition on Twitter > Subscribe to Competition weekly e-news. The forecast assumes that restrictions will continue to ease, and that there won't be a … Competition case search tool. The Joint Research Centre (JRC) is the European Commission's science and knowledge service which employs scientists to carry out research in order to provide independent scientific advice and support to EU policy. Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. The quarter-on-quarter slump in EU GDP is the worst on record, and follows a fall of 3.2% in the first three months of the year. GDP growth is projected to remain strong in 2018 and 2019 by the standards of recent years. United States. You can read more about our partnerships and collaborations, our scientific networks and look for cooperation opportunities and find the latest job opportunities on offer. The economy of the eurozone shrank by almost 7% during all of 2020, according to a quarterly filing on Tuesday -- a dramatic reflection of the COVID-19 impact in Europe. Greening is also ongoing in other sectors. Economic Snapshot for the Euro Area. "The difference is larger than expected and with reopening measures being locally reversed for [the third quarter], Spain looks set for a prolonged slump," said Bert Colijn, senior economist at ING. The Europe 2020 strategy is the EU's agenda for growth and jobs for the 2010 - 2020 decade. The European Commission will borrow the money on financial markets and distribute just over half of it as grants to the hardest hit EU states, with the rest provided as loans. Research and innovation are fundamental pillars of this European response. Most stock quote data provided by BATS. However, the resurgence of the pandemic in recent weeks is resulting in disruptions as national authorities introduce new public health measures to limit its spread. Add this topic to your myFT Digest for news straight to your inbox. All reports download as pdfs. English (116.18 KB - PDF) In addition, a new BlueInvest Fund was created in 2020. We are doing everything we can to cushion the impact of the lockdown, protect the jobs in the blue economy and the wellbeing of our coastal communities, while retaining our environmental ambitions. The European Commission said Tuesday that it expects the EU economy to shrink 8.3% in 2020, considerably worse than the 7.4% slump predicted two … With a decrease of 29% of CO2 per unit of gross value added between 2009 and 2017, fisheries and aquaculture growth is firmly decoupled from greenhouse gas production. The EU supports the blue economy through various instruments. The EU is heading into three years of turbulence, mainly financial, but with existential questions also being posed. It is the second largest economy in the world in nominal terms, after the United States, and the third one in purchasing power parity (PPP) terms, after China and the United States. Updated 1021 GMT (1821 HKT) July 31, 2020. EU 2020 – economy in a spin. As a multinational and multicultural research centre, we collaborate with over a thousand partners worldwide. With 5 million people employed in 2018, the number of jobs in the EU blue economy has increased by 11.6% from the previous year. Detailed national accounts data revealed that Q3’s strong rebound in GDP was supported by both the domestic and external economy: Resuming business activity and unleashed pent-up consumer spending fueled domestic demand, while easing lockdowns abroad boosted exports. All rights reserved. The blue economy Overview and EU policy framework . Add to myFT Digest. The EU economy is forecast to contract by 8.3% in 2020 and grow by 5.8% in 2021. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. But the gap between Spain and the other big regional economies is troubling. The city center in Milan during a lockdown in December. Our news gives you an insight into our support of EU policy and highlights the scientific research carried out everyday within the European Commission. There were also 5 million people working in the blue economy sector in 2018, representing a significant increase … 27th December 2019. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Press Release Impact of COVID-19 on the European Economy Market Trends, Size, Forecast – 2020-2026 Published: March 10, 2021 at 7:13 a.m. Jobs in the offshore wind energy sector have multiplied nine-fold in less than 10 years. There were also 5 million people working in the blue economy sector in 2018, representing a significant increase of 11.6% compared to the year before. It emphasised smart, sustainable and inclusive growth in order to improve Europe's competitiveness and productivity and underpin a sustainable social market economy. The EU’s total GDP in Q1 2020 compared to Q1 2019 EU’s GDP in Q1 2019: €3,673 billion EU’s GDP in Q1 2020: €3,041 billion Percentage change: -17.2%; The above shows what has happened to the EU’s overall economic output in the last year – the total of the GDP of the EU28 in Q1 2019 compared to the total of the EU27 in Q1 2020. With a turnover of €750 billion in 2018, the EU blue economy is in good health. Disclaimer. Our scientific work supports a whole host of EU policies in a variety of areas from agriculture and food security, to environment and climate change, as well as nuclear safety and security and innovation and growth. US reports worst economic plunge on record, Biden on disappointing jobs report: More help is on the way, Labor secretary on unemployment numbers: We're still recovering, Economist: Don't panic about the latest job numbers, US added fewer jobs for April than expected, leaving economists disappointed, Restaurants, once laying off workers, now can't find enough to hire, Biden wants the wealthiest 1% to 'begin to pay their fair share', Reddit co-founder: Paid family leave is good for the economy, Trump said electing Biden would crash the markets. The European Union's GDP was estimated to be around $15 trillion (nominal) in 2020, representing around 1/6 of the global economy. It provides an The 2020 Blue Economy Report is a joint collaboration between the European Commission’s department for Maritime Affairs and Fisheries (DG MARE) and the Joint Research Centre. EU leaders agreed earlier this month to create a €750 billion ($888 billion) recovery fund to help rebuild the EU economies ravaged most by the coronavirus crisis. It is one of the main building blocks of the European Green Deal, Europe’s new agenda for sustainable growth.The EU’s transition to a circular economy will reduce pressure on natural resources and will create sustainable growth and jobs. The forecast assumes that restrictions will continue to ease, and that there won't be a … European real GDP is now projected to contract by 7 percent in 2020, its biggest decline since World War II, followed by a rebound of 4.7 percent in 2021. Also the European Bank for Reconstruction and Development is financing a series of blue economy projects. It didn't, Bank of America CEO reveals his top worry about the economy, Teachers under pandemic stress are quitting: I didn't feel safe, Fed chief: The economy is about to grow more quickly, How international demand for Nigerian cotton is suiting well for small farmers, Levi's CEO on corporate tax: 28% pushes the threshold. The European Commission adopted the new circular economy action plan (CEAP) in March 2020. In terms of the total value of all goods and services produced (GDP), it is bigger than the US economy. Economists were expecting a fall of around 12% across the European Union. Preliminary data published on Thursday showed that EU GDP shrank by 3.5% in the first quarter of 2020 versus the final quarter of last year when the region's economy was still expanding. European Commission – Maritime Affairs – blue economy. This included modelling, analysis and contributions to chapters on: The European Commission's science and knowledge service, The blue economy as a whole presents a huge potential in terms of its contribution to a green recovery, 2020 blue economy report blue sectors contribute recovery and pave way eu green deal. The BlueInvest Platform of the European Commission and the European Investment Fund has provided grants of €22 million in 2019 and €20 million in 2020, to innovative, starting blue economy entrepreneurs. According to the latest forecast from the European Commission, the EU economy will shrink 8.3% in 2020. All suggestions for corrections of any errors about European Union Economy 2020 should be addressed to the CIA or the source cited on each page. Today's report is part of this scientific support. Today, the Commission updates the EU Industrial Strategy to ensure that its industrial ambition takes full account of the new circumstances following the COVID-19 crisis and helps to drive the transformation to a more sustainable, digital, resilient and globally competitive economy.. After years of crisis, the European economy has robustly expanded in 2017, helped by very accommodative monetary policy, mildly expansionary fiscal policy and a recovering global economy. Today, the European Commission published “The EU Blue Economy Report 2020”, an overview of the performance of the EU economic sectors related to oceans and the coastal environment. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Although sectors such as coastal and marine tourism, as well as fisheries and aquaculture are severely affected by the coronavirus pandemic, the blue economy as a whole presents a huge potential in terms of its contribution to a green recovery. Dollars: $21.43 trillion 2019 PPP Adjusted … EU GDP in The JRC’s role. No claims are made regarding the accuracy of European Union Economy 2020 information contained here. Europe is facing a deeper-than expected recession in 2020, while the UK economy is forecast to shrink by almost 10% this year, the European … Lagarde spoke with EU leaders via video conference to address the issue of how to engineer a recovery from the crisis. climate change and other human impacts on the ocean; marine natural capital and ecosystem services; status and recent trends of established sectors. JRC experts in water and marine resources, territorial development and knowledge for the Energy Union contributed to several chapters of the report. It provides valuable insights into the economic performance of European marine activities and highlights the areas for priority action.". As the European Commission's knowledge and science service, the JRC plays a central role in creating, managing and making sense of collective scientific knowledge for better EU policies. European Commissioner for Environment, Oceans and Fisheries Virginijus Sinkevičius said: "Maritime renewable energy, food from the sea, sustainable coastal and maritime tourism, the blue bio-economy and many other activities constituting the blue economy will help us come out of this crisis stronger, healthier, more resilient and more sustainable. London (CNN Business)Europe's economy shrank by 11.9% in the second quarter as the coronavirus pandemic plunged the region into a deep recession. The contraction in 2020 is, therefore, projected to be significantly greater than the 7.7% projected for the euro area and 7.4% for the EU as a whole in the Spring Forecast. The BlueInvest Platform of the European Commission and the European Investment Fund has provided grants of €22 million in 2019 and €20 million in 2020, to innovative, starting blue economy entrepreneurs. Autumn 2020 Economic Forecast. The European Commission said Tuesday that it expects the EU economy to shrink 8.3% in 2020, considerably worse than the 7.4% slump predicted two … For the first time, the report addresses the environmental dimension of the blue economy in detail, thereby also contributing to achieving environmental objectives. According to the latest forecast from the European Commission, the EU economy will. You can also sign up for our monthly newsletter for all the latest information directly to your inbox and check out our events for opportunities to participate. 27th December 2019. by Marjorie. But the recovery’s strength will depend crucially on the course of the pandemic, people’s behavior, and the … The United Kingdom recently reimposed quarantine measures for travelers arriving from Spain, a move that will slow the recovery in its vital tourism industry. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. 2019 Nominal GDP in Current U.S. Economy, Europe EU economy narrows 6.2% in 2020 Spain, Greece, Croatia post largest GDP declines in last quarter of 2020 That said, the recovery … Also the European Bank for Reconstruction and Development is financing a series of blue economy projects. Or check out our photos and videos for an instant look at the world of science at the European Commission. All times are ET. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. ", Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, responsible for the Joint Research Centre (JRC), said: "We continue to support sustainable growth in the marine and maritime sectors through the European Union Blue Growth Strategy. The report also looks at the economic value of several ecosystem services provided by the ocean, including habitats for marine life, carbon sequestration, and processes that influence climate change and biodiversity. In addition, a network of "green ports" is reducing the ecological footprint of these economically important hubs between the ocean and the mainland. The … Scientific research carried out everyday within the European Commission recovery from the crisis official language ( s ),.! 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