Eurozone’s Economy up 0.1% in Fourth Quarter despite War and Rising Energy Prices

The Eurozone economy managed to pull through the fourth quarter of 2022 with a 0.1% growth according the data released this Tuesday (01.31.2023) by the European statistics agency Eurostat, exceeding the forecasts of numerous analysts. This unexpected growth in spite of war in Ukraine and the sharp rise in energy prices prevented a recession that seemed imminent.

For the full year of 2022, the Gross Domestic Product of the Euro Area advanced 3.5%, according to Eurostat. With Germany closing the fourth quarter with a decline of 0.2%, Spain managed to show an advance of 0.2%.

The Eurozone is a group of 20 of the 27 countries in the European Union that use the euro as their common currency and have the European Central Bank (BCU) as their monetary authority.