The euro zone economy grew much faster in the first quarter than in the previous three months despite the impact of the war in Ukraine, the European Union’s statistics agency said on Wednesday, sharply revising its previous estimates to up.
Eurozone employment growth was also revised upwards to show stronger acceleration in the January-March period compared with the previous quarter.
In its final reading for the January-March period, Eurostat said the Gross Domestic Product (GDP) of the 19 countries sharing the euro rose by 0.6% from the previous quarter, for a 5.4% expansion compared to the previous quarter. with the same period of the previous year.
The figures were significantly revised up from the previous preliminary release released in mid-May, when the euro zone’s quarterly growth was estimated at 0.3% and annual expansion at 5.1%.
Eurostat said its previous estimates were based on a more limited dataset and on preliminary estimates from EU governments now revised by national statistical bodies.
Final data shows that eurozone growth picked up speed in the first quarter after a lackluster end to 2021, despite the Russian invasion of Ukraine on Feb. energy prices soar.
Source: CNN Brasil
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