Euro area economy unexpectedly grows in Q4 2022

ANKARA

The eurozone economy saw an unexpected expansion of 0.1% in the fourth quarter of 2022, bucking market estimates of a contraction, according to preliminary data released on Tuesday.

The figure dropped from 0.3% in the third quarter, Eurostat data showed.

The EU economy, meanwhile, stagnated in the October-December period of last year.

Ireland posted the highest quarterly increase of 3.5%, followed by Latvia (0.3%), and Spain and Portugal (both 0.2%).

The largest declines were in Lithuania (minus 1.7%), Austria (minus 0.7%), and Sweden (minus 0.6%).

On an annual basis, euro area gross domestic product (GDP) rose 1.9% in the fourth quarter of 2022, while it was up 1.8% in the EU.

Year-on-year growth rates were positive for all countries except for Sweden (minus 0.6%) and Lithuania (minus 0.4%).