Eurozone economic growth was lower than expected in the first three months of the year, as the war in Ukraine, which started on February 24, affected activities in the region, according to preliminary data released on Friday.
Eurostat, the statistical office of the European Union, said that the gross domestic product of the 19 countries that share the euro increased by 0.2% quarter-on-quarter and increased by 5.0% year-on-year. Economists polled by Reuters had expected quarterly growth to be 0.3%.
The European Commission also estimated growth of 0.3% quarter-on-quarter just before the Russian invasion, so if confirmed in advance, preliminary Eurostat data shows that price increases for war and conflict-related goods reduced growth by 0.1 percentage points. .
Eurostat said Italy’s economy contracted by 0.2% in the first quarter compared to the previous three months, making it the biggest victim of the eurozone conflict. In February, the Commission had predicted that Italy would grow by 0.3%.
Eurostat said Germany grew by just 0.2%, with first-quarter growth estimated at 0.4% by the Commission. France, on the other hand, did not grow compared to the 0.1% expansion forecast.
source: Noticias
