According to Eurostat, the statistical office of the European Union, economic growth in the Eurozone in the second quarter of 2022 was stronger than previously estimated. This is due to the fact that private household spending recovered after half a year of stagnation. Household spending recovered despite real income being eroded by rising inflation.
According to the report, the gross domestic product (GDP) of the Eurozone, which comprises 19 countries that share the euro, increased by 0.8% in the second quarter and by 4.1% year on year.
In mid-August, Eurostat estimated that Eurozone GDP had risen by 0.6% quarter-on-quarter and by 3.9% year-on-year.