Data published by Eurostat showed that in the fourth quarter, the gross domestic product of the eurozone grew by 0.1%, as expected, after an increase by 0.3% in the third quarter. In annual terms, economic growth slowed to 1.9% from 2.3% in the previous quarter. Consensus estimates also assumed an increase of 1.9% per annum. Meanwhile, the GDP of the European Union countries did not change in quarterly terms and grew by 1.8% per annum. In the third quarter, GDP grew by 0.3% and 2.5%, respectively.
According to a first estimation of annual growth for 2022, based on seasonally and calendar adjusted quarterly data, GDP increased by 3.5% in the euro area and by 3.6% in the EU.
Separate data also showed that in the fourth quarter, the number of employed in the eurozone increased by 0.4%, accelerating compared to the third quarter (+0.3%) and exceeding economists' forecasts (+0.2%). In the EU, the number of employed also increased by 0.4% after an increase by 0.2% in the third quarter. On an annualized basis, employment in the eurozone grew by 1.5% compared with an increase by 1.8% in the previous quarter. Meanwhile, in the EU, employment growth slowed to 1.3% from 1.5%.