The eurozone economy did not grow in the fourth quarter of 2022 compared to the previous three months. According to a final figure from the European statistics agency Eurostat, there was stagnation, while a plus of 0.1 percent was previously reported.
In the third quarter, the euro area economy advanced by a revised 0.4 percent. That was still 0.3 percent in an earlier estimate. The weaker figure is partly related to the fall in consumer spending due to the high inflation. For example, the contraction in Germany, Europe’s largest economy, was stronger than previously anticipated.
The German economy contracted by 0.4 percent, while Eurostat had previously reported a decline of 0.2 percent. At the same time, growth in Ireland was much weaker compared to an earlier estimate.
The downward revision also means that annual growth in the eurozone in the past quarter is somewhat less strong than previously thought. That is now 1.8 percent, against a previous estimate of 1.9 percent.
The economy of the entire European Union showed a contraction of 0.1 percent on a quarterly basis in the fourth quarter, according to new figures from Eurostat. Neither growth nor contraction was previously reported here. In the third quarter, growth in the EU was revised upwards to 0.4 percent, from 0.3 percent previously. Compared to a year ago, the EU economy grew by 1.7 percent.
Eurostat also reported that in the fourth quarter, the strongest growth within EU member states was seen in Greece (plus 1.4 percent quarter on quarter). In Poland, the economy contracted the most (minus 2.4 percent). For the Netherlands, a progress of 0.6 percent was seen.
