Euro Area GDP Growth Rate
Dec 31, 2022
May 16, 2023
Time to Release
1 Months 19 Days 14 Hours
The Euro Area is an economic and monetary union of 19 European countries that adopted the euro as their currency. It is the second largest economy in the world and if it was a country it would be the third most populous with 341 million inhabitants. Germany, France, Italy and Spain are the most important economies accounting respectively for 29 percent, 20 percent, 15 percent and 10 percent of the bloc’s GDP.
The Eurozone economy failed to grow in the final quarter of 2022, compared with preliminary estimates of 0.1 percent growth and upwardly revised 0.4 percent expansion in the previous three-month period. Household consumption slumped 0.9 percent and gross fixed capital formation tumbled 3.6 percent, as stubbornly high inflation, rising borrowing costs, and supply chain bottlenecks hit activity and demand. Meanwhile, government spending rose 0.7 percent and net external demand contributed positively to the GDP as exports inched 0.1 percent higher and imports were 1.9 percent lower. Inventory changes have also added 0.1pp to the GDP. Amongst the bloc's largest economies, the GDP grew in the Netherlands, Spain, and France, but contracted in Germany and Italy.
Euro Area GDP Growth Rate History
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