Euro zone economic growth was stronger than previously expected in the first quarter, revised data showed on Tuesday, and employment rose too, showing the euro zone expanded at the solid pace seen of the end of 2021 despite the war in Ukraine.
The European Union’s statistics office Eurostat said the gross domestic product (GDP) of the 19 countries sharing the euro rose 0.3 per cent quarter-on-quarter in the January-March period for a 5.1 per cent year-on-year growth.
Eurostat had earlier estimated the growth rate at 0.2 quarter-on-quarter and 5.0 per cent year-on-year.
The data shows that the euro zone expanded at the same quarterly pace in the first three months of 2022 as in the last three of 2021, despite the Russian invasion of Ukraine on Feb 24, which disrupted supply chains, hit confidence and strongly increased energy prices.
Employment growth was 0.5 per cent quarter on quarter and 2.6 per cent year-on-year in the first quarter, Eurostat said, accelerating from 0.4 per cent quarterly and 2.1 per cent annual growth rates in the previous three months.
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