These declines, related to COVID-19 containment measures, follow a strong rebound in the third quarter of 2020 (+12.4% in the euro area and +11.5% in the EU) and the sharpest decreases since time series started in 1995 observed in the second quarter of 2020 (-11.7% in the euro area and -11.4% in the EU). According to a first estimation of annual growth for 2020, based on seasonally and calendar adjusted quarterly data, GDP fell by 6.8% in the euro area and 6.4% in the EU. These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions. Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 5.1% in the euro area and by 4.8% in the EU in the fourth quarter of 2020, after -4.3% in the euro area and -4.2% in the EU in the previous quarter. Among the Member States, for which data are available for the fourth quarter 2020, Austria (-4.3%) recorded the highest decrease compared to the previous quarter, followed by Italy (-2.0%) and France (-1.3%) while Lithuania (+1.2%) and Latvia (+1.1%) recorded the highest increases. The year on year growth rates were still negative for all countries.