Brussels, Luxembourg The economy in the euro area grew by 0.1 percent in the fourth quarter of the past year. This was announced by the European statistical authority on Tuesday.
Experts had expected gross domestic product (GDP) to fall by 0.1 percent. In the third quarter, the economy grew by 0.3 percent.
Year-on-year, the economy grew 1.9 percent in the fourth quarter. An increase of 1.7 percent was expected here. In 2022 as a whole, the euro zone grew by 3.5 percent.
The economic development in the individual countries of the euro zone varies. Ireland achieved the strongest growth at the end of the year (plus 3.5 percent) in a quarterly comparison. Lithuania shows the strongest decline (minus 1.7 percent). In Germany, the economy shrank by 0.2 percent. Not all countries have submitted their figures yet.
Institutes and experts expect slight GDP growth for 2023 as a whole. The EU Commission expects an increase of 0.3 percent.