Economic Buzz: Eurozone GDP Rises By 0.3% In Q3

7 Dec 2022 , 03:58 PM

In the third quarter of 2022, seasonally adjusted GDP increased by 0.3% in the euro area and by 0.4% in the EU, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2022, GDP had grown by 0.8% in the euro area and by 0.7% in the EU. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 2.3% in the euro area and by 2.5% in the EU in the third quarter of 2022, after +4.2% in the euro area and +4.3% in the EU in the previous quarter. Based on seasonally adjusted figures, GDP volumes in the euro area and EU were 2.2% and 2.8% respectively above the level recorded in the fourth quarter of 2019, before the COVID-19 outbreak. The number of employed persons increased by 0.3% in the euro area and by 0.2% in the EU in the third quarter of 2022, compared with the previous quarter. In the second quarter of 2022, employment had increased by 0.3% both in the euro area and in the EU. Compared with the same quarter of the previous year, employment increased by 1.8% in the euro area and by 1.5% in the EU in the third quarter of 2022, after +2.6% in the euro area and +2.4% in the EU in the second quarter of 2022. Based on seasonally adjusted figures, Eurostat estimates that in the third quarter of 2022, 213.8 million people were employed in the EU, of which 164.5 million were in the euro area. In relation to the COVID-19 pandemic, employment in persons in the euro area was 3.1 million above the level of the fourth quarter of 2019, and 3.9 million above this level in the EU. Powered by Commodity Insights