The growth rates of the EU and Eurozone economies have been revised downwards for the fourth quarter of 2022, according to updated data from the European Statistical Office (Eurostat).
According to the revised figures, seasonally adjusted gross domestic product (GDP) for the 19-member Eurozone remained unchanged in the fourth quarter of last year compared to the previous quarter. GDP in the Eurozone grew by 1.8% in the final quarter of 2022 compared to the same period in 2021.
In the EU, seasonally adjusted GDP fell by 0.1% compared to the previous quarter in the fourth quarter of 2022, but rose by 1.7% compared to the same period in the previous year.
Previous data from Eurostat had indicated that the EU economy had remained stable compared to the previous quarter in the fourth quarter, while the Eurozone had grown by 0.1%. It had been announced that the growth rate for the final quarter compared to the same period in the previous year was 1.8% for the EU and 1.9% for the Eurozone.
Downward revision With the updated data, the growth rates of the EU and the Eurozone in the fourth quarter were revised downwards.
In the final quarter, GDP fell by 0.4% in Germany and by 0.1% in Italy compared to the previous quarter, while it grew by 0.1% in France and by 0.2% in Spain.
On an annual basis, GDP increased by 0.5% in France, 0.9% in Germany, 1.4% in Italy, and 2.7% in Spain.