The EU economy contracted in the last quarter of 2022

The European Statistical Office (Eurostat) has updated the data on growth rates for the last quarter of the EU and the Eurozone for 2022.

Consequently, the seasonally adjusted gross domestic product (GDP) in the 19-member euro zone was unchanged in the fourth quarter of last year compared to the previous quarter. In the euro area, GDP increased by 1.8 percent in the last quarter of 2022 compared to the same period in 2021.

Seasonally adjusted GDP in the EU, on the other hand, decreased by 0.1 percent in the fourth quarter of 2022 compared to the previous quarter and increased by 1.7 percent compared to the same period of the previous year.

In the previous Eurostat data, it was stated that the EU economy was stable in the fourth quarter compared to the previous quarter, while the Euro Zone grew by 0.1 percent. Growth for the last quarter was announced to be 1.8 percent for the EU and 1.9 percent for the euro area compared to the same period a year earlier.

With the updated data, the growth rates of the EU and the euro area were revised downwards in the fourth quarter.

Compared to the previous quarter, GDP decreased by 0.4% in Germany and 0.1% in Italy in the last quarter, while it increased by 0.1% in France and 0.2% in Spain.

On an annual basis, GDP increased 0.5 percent in France, 0.9 percent in Germany, 1.4 percent in Italy and 2.7 percent in Spain. (AA)