Growth across the Eurozone slowed at the close of last year, as a wave of Covid-19 slowed down the recovery, more so in Germany.
- GDP across the euro area expanded by 0.3% in the October-December quarter, way slower than the 2.3% expansion posted in July-September.
- The final quarter of the year saw Covid-19-driven restrictions imposed in some European nations as the pandemic surged last autumn.
- The fresh wave of infections hurt service sector companies, with the Omicron variant dealing another slow down to the sectors such as travel in December.
- Germany, the eurozone’s largest economy, slowed down growth in the Eurozone. German GDP shrank by 0.7%inthe last quarter, as its economy struggled from a surge in virus cases.
France grew by 0.7% in the last quarter, stronger than anticipated. Spain posted 2% growth, making it the fastest-growing Eurozone member to post growth figures for Q4.
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