The eurozone economy grew at a slower pace in the fourth quarter than in the previous period, due to rising coronavirus cases and the re-imposition of restrictions across the continent, which affected the services sector.
In the eurozone, GDP grew by 0.3% on a quarterly basis, according to the statistical service Eurostat, confirming the initial estimates announced on January 31st.
On an annual basis, the growth rate stood at 4.6%, also confirming the first estimate.
According to Eurostat estimates for the annual growth of 2021, GDP “ran” at a rate of 5.2% in the eurozone compared to 2020.
Eurostat added that the number of employed citizens increased by 0.5% in the fourth quarter compared to the previous quarter, following a 1% increase in the third quarter.
Economists expect a difficult first quarter for the eurozone due to the Omicron and rising energy prices, followed by a strong recovery, which will begin in the spring.
Source: Capital
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