Eurostat provides a second estimate. According to this, the economy in the euro zone grew more in the winter in the first quarter than initially assumed.
The economy in the euro zone grew somewhat more strongly than expected in the winter. In the first quarter, gross domestic product (GDP) rose by 0.3 percent compared to the previous quarter, according to a second estimate by the Eurostat statistics office in Luxembourg on Tuesday.
In a first estimate, growth of only 0.2 percent was determined. Economists had expected a confirmation on average. In the final quarter of 2021, growth was also 0.3 percent.
Compared to the corresponding period of the previous year, the economy of the 19 euro countries grew by 5.1 percent. Growth of 5.0 percent was initially recorded here.
However, the economic recovery continues to be modest. The Ukraine war dampens economic development. It leads to rising energy and raw material prices and to disruptions in supply chains. In addition, the tough corona policy in China is exacerbating supply chain problems and burdening the global economy. The service sector in the eurozone, on the other hand, is benefiting from the easing of the corona measures.