The Eurozone economy expanded more than initially anticipated at the start of the year as the region overcome a wave of COVID-19 infections and struggle with the war in Ukraine.
- Economic output jumped 0.3% in Q1, surpassing a flash estimate of 0.2%. The growth in Q1 was slowed down by the Russian invasion of Ukraine, which led to a surge in energy prices.
- The data signal that Europe’s underlying strength as consumers recover from the pandemic with pent-up demand and a huge amount of savings.
- Meanwhile, employment rose 0.5% quarter on quarter and 2.6% year on year.
Employment in the bloc rose for a fourth consecutive quarter, driving up the total employment above its pre-pandemic level, topped at the end of last year.
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