Eurozone economy grew at a slower pace in Q2/22

The European Statistical Office (Eurostat) reported that economic growth in the eurozone weakened slightly in the second quarter of 2022 compared with previous estimates, but remained strong.

According to the report, the gross domestic product (GDP) of the eurozone, which comprises 19 countries that share the euro, increased by 0.6% in the second quarter and by 3.9% year-on-year.

While Eurostat previously estimated that Eurozone GDP grew 0.7% quarter-on-quarter and 4.0% year-on-year.

Employment in the eurozone increased by 0.3% in the second quarter compared with the previous quarter and by 2.4% year-on-year.

Economists believe that the eurozone economy could expand for the last time in this form. Rising inflation and supply chain disruptions could lead to a mild recession in the next 12 months.

Economic growth in the second quarter was mainly due to the strength of Italy and Spain, where the economies grew by 1.0% and 1.1% quarter-on-quarter despite stagnation in Germany, the largest economy in the eurozone.

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