Published: February 14, 2023 at 5:00 p.m. ET
By Xavier Fontdegloria
The Eurozone economy grew modestly in the fourth quarter of 2022 as previously estimated, showing resilience in late 2022 despite the drag from high energy prices.
The gross domestic product grew by 0.1% from October to December compared to the previous quarter, according to data from the statistics of the European Union…
By Xavier Fontdegloria
The Eurozone economy grew modestly in the fourth quarter of 2022 as previously estimated, showing resilience in late 2022 despite the drag from high energy prices.
Gross domestic product grew 0.1% quarter-on-quarter from October to December, according to data released on Tuesday by the European Union’s statistics agency Eurostat.
This represents a slowdown from the 0.3% expansion recorded in the third quarter, but puts the region on track to avoid a recession this winter, defined as two consecutive quarters of falling production.
The European Commission expects the euro zone to avoid recession this year and is forecasting economic growth of 0.9% in 2023, higher than the 0.3% increase it had expected in November. Meanwhile, economists expect the euro-zone economy to stagnate this year, according to a consensus forecast by FactSet.
The euro-zone labor force rose 0.4% qoq from October to December, Eurostat data showed, indicating the labor market remained resilient despite sluggish growth.
Write to Xavier Fontdegloria at [email protected]
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