However, these corrections are inevitable as they lay the foundation of the gradual recovery. This is also reflected in the March 2009 ECB staff macroeconomic projections. The expected negative or very low annual GDP growth in 2009 and 2010 somehow masks these developments as it is affected by negative carry-over effects of the previous year.
-6This drop in spending was greatest in the second quarter of 2020, when the lockdowns were widespread and stringent. In the second half of the year, as restrictions were relaxed, spending rebounded. The strength came primarily in non-essential goods such as motor vehicles, recreational goods and furniture, as people spent more time outdoors and activity in the housing market picked up.