GDP up by 0.3% and employment up by 0.5% in the euro area (Eurostat)

GDP up by 0.3% and employment up by 0.5% in the euro area. In the EU, GDP up by 0.4% and employment up by 0.4% (figures released by Eurostat).

GDP growth in the euro area and EU

In the first quarter of 2022, seasonally adjusted GDP increased by 0.3% in the euro area and by 0.4% in the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2021, GDP had grown by 0.3% in the euro area and by 0.5% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 5.1% in the euro area and by 5.2% in the EU in the first quarter of 2022, after +4.7% in the euro area and +4.9% in the EU in the previous quarter.

Euro area EU vs. United States

GDP growth rates over the same quarter of the previous year

During the first quarter of 2022, GDP in the United States decreased by 0.4% compared to the previous quarter (after +1.7% in the fourth quarter of 2021). Compared with the same quarter of the previous year, GDP increased by 3.6% (after +5.5% in the previous quarter).

Employment growth in the euro area and EU

The number of employed persons increased by 0.5% in the euro area and by 0.4% in the EU in the first quarter of 2022, compared with the previous quarter. In the fourth quarter of 2021, employment had increased by 0.4% in both the euro area and the EU.

Compared with the same quarter of the previous year, employment increased by 2.6% in the euro area and by 2.5% in the EU in the first quarter of 2022, after +2.1% in both areas in the fourth quarter of 2021.