IMF's Kramer: GDP contracted 6% in Europe in 2020, smaller than 7% projected originally

Alfred Kammer, Director of the European Department of the International Monetary Fund (IMF), said on Friday that the euro area economy contracted by 6% 2020, compared to the IMF's estimate of 7%, Reuters reported.

Next week, the Eurostat will release the fourth-quarter Gross Domestic Product (GDP), which is expected to show a contraction of 5.1% on a yearly basis.

Market reaction

The shared currency came under modest bearish pressure against its major rivals. As of writing, the EUR/USD pair was trading at fresh daily lows below 1.2100, losing 0.25% on a daily basis.