The Strategist

Eurozone GDP grows by 5.4% in Q1

06/09/2022 - 03:05

According to Eurostat, the GDP of 19 euro-area nations expanded by 5.4 percent year on year and 0.6 percent in quarterly terms in the first quarter of 2022, according to the third, final estimate.

Analysts surveyed by DailyFx predicted statistics to remain unchanged from the prior forecast: yearly growth of 5.1 percent and quarterly increase of 0.3 percent.

According to the third estimate, the EU countries' aggregate GDP grew by 5.6 percent in annual terms and 0.7 percent in quarterly terms in the latest quarter. Growth rates were 5.2 percent and 0.4 percent, respectively, in the second estimate.

As a result, Europe's economy continued to revive. EU GDP increased by 4.9 percent in annual terms and 0.5 percent in quarterly terms in the fourth quarter of last year, while eurozone GDP increased by 4.7 percent and 0.3 percent, respectively.

In 2021, the eurozone and the EU's combined GDP rose by 5.3 percent. EU GDP declined by 5.9% in 2020, while eurozone GDP fell by 6.4 percent.