The euro zone was stagnant in the fourth quarter of 2022 compared to the previous three months, the European statistics agency said on Wednesday (8), slightly revising GDP and employment growth figures downwards.
In comparison with the same period of the previous year, the euro zone recorded expansion of 1.8%, Eurostat said in a statement.
On February 14, the agency had released preliminary estimates of 0.1% in the quarterly comparison and 1.9% on an annual basis.
The revisions further confirmed that the eurozone narrowly avoided a previously expected technical recession.
Greece, Malta and Cyprus recorded quarterly growth of over 1%, with declines seen in Germany, Estonia, Italy and Lithuania.
Eurostat said government spending contributed 0.2 percentage points, changes in inventories added 0.1 points and trade added 1.0 points. Negative contributions came from household spending and gross fixed capital formation.
Eurostat also revised down the euro zone job growth figure to 0.3% quarter-on-quarter from 0.4% previously reported. On an annual basis, there was an increase of 1.5%, in line with previous estimates.
This brought the total number of people with jobs to 165 million, 3.6 million more than at the end of 2019, just before the Covid-19 pandemic.
Source: CNN Brasil
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