The economy of the euro zone grew by 3.5% and that of the European Union (EU) by 3.6% in 2022, above expectations, according to an estimate released this Tuesday by Eurostat.
The rapid estimate, released this Tuesday by the European statistical service, revises upwards the most recent forecasts of the European Commission which, in November, pointed to an annual growth of 3.2% of the Gross Domestic Product (GDP) of the euro area. and 3.3% % in the EU.
In the fourth quarter of 2022, by contrast, eurozone GDP growth slowed to 1.9% year-on-year and 0.1% year-on-year.
In the EU, between October and December 2022, GDP was stable compared to the previous quarter and grew by 1.8% compared to the last three months of 2021.
In the third quarter of 2022, the euro area economy had grown by 2.3% year-on-year and 0.3% year-on-year and the EU, respectively, by 2.5% and 0.3%.
Among the Member States for which data is available, Portugal recorded, in the last three months of 2022, the second highest year-on-year GDP growth (3.1%) and the third highest in a row (0.2%).
Compared to the fourth quarter of 2021, Ireland (15.7%) was the country whose economy grew the most, according to the flash estimate, followed by Portugal (3.1%) and Austria (2.7%).
In the quarterly variation, the GDP of Ireland was also the one that accelerated the most (3.5%), followed by Latvia (0.3%), Portugal and Spain (0.2% each).
Sweden (-0.6%) and Lithuania (-0.4%) present interannual decreases in their GDP and Lithuania (-1.7%), Austria (-0.7%) and Sweden (-0.6%) show the largest quarterly declines.
Source: TSF
