The European Union’s gross domestic product (GDP) rose 0.6% in this year’s second quarter, compared with the previous quarter, according to a flash estimate published by the statistical office of the EU on Wednesday.
According to Eurostat data, the figure is below market forecast of 0.7% growth.
Compared with the same quarter of 2021, seasonally adjusted GDP increased by 3.9% in the euro area and by 4.0% in the EU in the second quarter of 2022, after +5.4% in the euro area and +5.5% in the EU in the previous quarter, according to the same source.
Among member states with available data, the Netherlands saw the highest increase compared to the previous quarter with 2.6%, followed by Romania (2.1%) and Sweden (1.4%).
Germany, Europe’s largest economy, stagnated with 0% growth in the second quarter, while Poland (minus 2.3), Latvia (minus 1.4%) and Lithuania (minus 0.4%) witnessed quarterly contractions.
The number of employed persons increased by 0.3% both in the euro area and in the EU in the second quarter of 2022, compared with the previous quarter.
In the first quarter of 2022, employment had increased by 0.6% in the euro area and by 0.5% in the EU, Eurostat said.
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