The eurozone economy expanded much faster in the first quarter of the year than in the prior three months despite the impact of the war in Ukraine.
- Eurozone employment growth was also revised upwards to signal a further increase in the January-March period compared with the prior quarter.
- Eurostat stated that the gross domestic product (GDP) of the 19 countries sharing the euro increased by 0.6% quarter-on-quarter, for a 5.4% year-on-year jump.
- The figures were revised upwards from a prior flash estimate released in May when Eurozone quarterly growth was estimated at 0.3%, and the year-on-year growth was projected at 5.1%.
- Employment growth was very solid in smaller economies, with Ireland posting an impressive 10.8% quarterly expansion.
Employment growth in Q1 was 0.6% quarter on quarter and 2.9% over the year. Employment growth also rose from the prior quarter when it was 0.4% quarterly and 2.1% over the year.
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