Eurozone GDP grew 0.2% qoq in Q1, slightly below expectation of 0.3% qoq. Year-on-year, the GDP expanded 5 percent, accelerating from an upwardly 4.7 percent increase in Q4. Growth in Spain (0.3 percent) and Germany (0.2 percent) more than offset a contraction in Italy (-0.2 percent) while the French economy stalled. Preliminary Eurostat data indicated the war and related commodity price spikes cut growth by 0.1 percentage points, as the European Commission forecast just before the Russian invasion that growth would be 0.3 percent quarter-on-quarter.
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