Eurozone Economic Growth Stalls at the End of 2022

The European Union's statistics office "Eurostat" revealed that the Eurozone did not register any economic growth on a quarterly basis in the last three months of 2022, following a slight downward revision of GDP and employment data. However, employment figures remained strong. The Eurozone's economic growth dropped to zero in the fourth quarter compared to the third quarter and was at 1.8 percent year-on-year, compared to expectations of growth of 0.1 and 1.9 percent respectively, published on February 14. Greece, Malta, and Cyprus recorded quarterly growth exceeding one percent, while Germany, Estonia, Italy, and Lithuania experienced economic contractions. "Eurostat" noted that public spending contributed about 0.2 percentage points, changes in inventories contributed 0.1 percentage points, and net trade contributed approximately 1.0 percentage point.