Eurozone Economic Growth is Slightly Higher in the First Quarter

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The eurozone economy grew slightly faster in the first quarter of this year than previously thought.

 

The eurozone grew by 0.3 percent in the quarter compared to the previous period, the European statistical office Eurostat reported based on a new estimate. Growth of 0.2 percent was previously reported for the first quarter.

In the fourth quarter of 2021, growth also amounted to 0.3 percent. As a result, the eurozone economy grew 5.1 percent year-on-year, from 4.7 percent in the fourth quarter.

Despite the impact of the war in Ukraine, which has caused energy prices, in particular, to rise sharply, the economy still appears to be benefiting from the recovery from the corona crisis.

Growth was 0.4 percent in the first quarter for the entire European Union, compared to 0.5 percent in the fourth quarter. As a result, the EU economy grew by 5.2 percent year on year, from 4.9 percent in the fourth quarter.

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