The European Statistical Office (Eurostat) has released the final data on the Euro Area's growth rates for the third quarter of 2022. Accordingly, the seasonally adjusted Gross Domestic Product (GDP) in the 19-member Eurozone increased by 0.2 percent in the third quarter compared to the previous quarter. Thus, the final data confirmed the previously published preliminary data.
Growth rate slowed
In the Eurozone, GDP increased by 2.1 percent in the third quarter of 2022 compared to the same period of 2021. The regional economy grew by 0.8 percent in the second quarter of the year compared to the previous quarter, and by 4.3 percent on an annual basis. Economic growth in the euro area continued to fluctuate. While major economies such as Germany and France have grown in the region, the economy has shrunk significantly in Latvia.
Did not meet expectation
On November 11, the European Union (EU) Commission announced the growth expectation of the Eurozone as 3.2 percent for this year and 0.3 percent for 2023.
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