Eurozone: Acceleration of growth in the first quarter despite the war in Ukraine

The eurozone economy grew faster in the first quarter of 2022 compared to the previous quarter, despite the outbreak of war in Ukraine, according to data released today by Eurostat.

In particular, in the final measurement for the period January – March, Eurostat announced that the GDP of the Eurozone grew by 0.6% from quarter to quarter and by 5.4% on an annual basis.

The latest figures are upwards after the initial measurement announced by the statistical service in mid-May. At that time, Eurostat had announced a growth of 0.3% from quarter to quarter and 5.1% on an annual basis.

Final data on the Eurozone economy showed that growth gained ground in the first quarter after the weak closing of 2021, despite the Russian invasion of Ukraine on February 24, which resulted in energy prices soaring and causing serious disruptions in supply chains. .

Growth had slowed significantly in the last quarter of 2021, to 0.2% from a quarterly expansion of 2.3% in the third quarter, according to Eurostat final data.

Growth in the first quarter was much stronger in the smaller economies of the Eurozone, with Ireland showing a quarterly jump of 10.8%, Latvia 3.6% and Greece 2.3%. On the other hand, Germany, the largest economy in the Eurozone, showed anemic growth of 0.2% from the previous quarter, Italy, the third largest, just 0.1%, while France, the second largest, shrank 0.2%.

At the same time, the European Statistical Office announced that employment increased by 0.6% from quarter to quarter and 2.9% on an annual basis, revising its initial data from 0.5% and 2.6% respectively.