Eurozone Economic Growth is Higher in First Quarter

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The eurozone economy grew faster than previously thought in the first quarter of this year. The eurozone grew by 0.6 percent last quarter compared to the fourth quarter, the European statistical office Eurostat reported based on final figures.

 

Growth of 0.3 percent was previously reported for the first quarter.

Despite the impact of the war in Ukraine, which has caused energy prices, in particular, to rise sharply, the euro area economy still appears to be benefiting from the recovery from the corona crisis. In the fourth quarter of 2021, growth was 0.2 percent. The eurozone economy grew by 5.4 percent year-on-year, from 4.7 percent in the fourth quarter.

For the entire European Union, growth was 0.7 percent in the first quarter, compared to 0.5 percent in the fourth quarter. And on an annual basis, the EU economy as a whole gained 5.6 percent, from 4.9 percent in the fourth quarter.

Within the EU, Ireland showed the strongest growth (up 10.8 percent), followed by Romania (up 5.2 percent) and Latvia (up 3.6 percent). Germany, the largest economy in Europe, grew by 0.2 percent. France contracted 0.2 percent and Italy grew 0.1 percent. The Dutch economy stagnated in the first quarter.

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