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Financial News: Eurozone GDP Growth Accelerates In Q1

Eurozone GDP Growth Accelerates In Q1

06/08/2022 - 06:40:00 (RTTNews)

(RTTNews) - The euro area economy grew at a faster-than-estimated pace in the first quarter on positive contribution from net trade, revised data from Eurostat showed on Wednesday.

Gross domestic product expanded 0.6 percent from the fourth quarter, when the economy had advanced 0.2 percent. The rate was revised up sharply from 0.3 percent.

On a yearly basis, economic growth improved to 5.4 percent from 4.7 percent. The latest estimate was bigger than the initial estimate of 5.1 percent.

The expenditure-side breakdown showed that the decline in household spending deepened to 0.7 percent from 0.3 percent. At the same time, government spending dropped 0.3 percent, reversing the fourth quarter's 0.4 percent increase.

Gross fixed capital formation grew only 0.1 percent after rising 3.1 percent a quarter ago.

Exports climbed 0.4 percent after a 2.7 percent rise, while imports fell 0.6 percent following a 4.7 percent increase.

The EU27 GDP advanced 0.7 percent from the previous quarter, instead of 0.4 percent. Likewise, year-on-year increase in GDP was revised to 5.6 percent from 5.2 percent.

Eurostat estimated that in the first quarter, 212 million people were employed in the EU, of which 162.9 million were in the euro area.

According to latest estimate, employment in the currency bloc increased 0.6 percent, faster than the 0.4 percent rise a quarter ago. Annually, employment growth climbed to 2.9 percent from 2.1 percent.

The sequential growth was revised up from 0.5 percent and the annual increase from 2.6 percent.

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