Romania had the fourth highest economic growth in the EU in the last quarter of last year

The Eurozone economy stagnated, and the European Union’s Gross Domestic Product (GDP) contracted in the last three months of last year, according to Eurostat data. Among the EU member states, the most significant advance of the economy in the fourth quarter of 2022, compared to the third quarter, was recorded in Greece (1.4%), Malta (1.2%), Cyprus (1.1%) and Romania (1%).

The gross domestic product of the 19 countries that switched to the euro currency was unchanged in the fourth quarter compared to the third quarter, but registered an advance of 1.8% at an annual rate, according to the revised data published on Wednesday by Eurostat.

In the initial estimate published last month, Eurostat reported that the euro zone economy registered a growth of 0.1% from one quarter to another and an advance of 1.9% at an annual rate. Even if the revised data is bleaker than initially expected, a standstill means the EU bloc could still avoid entering a recession, defined as two consecutive quarters of falling GDP, which seemed inevitable after Russia invaded Ukraine.

Analysts are currently forecasting a contraction in eurozone GDP in the first quarter of 2023 as the rising cost of living continues to weigh on consumers. Regarding the European Union as a whole, the revised data show that the Gross Domestic Product decreased by 0.1% from one quarter to another, but increased by 1.7% at an annual rate. Comparatively, in mid-February, Eurostat data showed that the EU GDP registered an advance of 0.1% from one quarter to another and one of 1.8% on an annual basis.

economic growthEUEurozoneGDPgross domestic productRomania
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